Tencent Music is the largest online music service provider in China. It was founded in 2016 with the business combination of QQ Music (founded in 2005), Kuwo Music (founded in 2005) and Kugou Music (founded in 2004) streaming platforms. Tencent is the largest shareholder of TME with over 50% shares and over 90% voting rights held. TME also provides social entertainment services, including music live audio/video broadcasts and online concert services through the three platforms mentioned above, and online karaoke through an independent platform WeSing.

Financial Strength

10/10

Name	Current	Vs Industry
Cash-To-Debt	4.07
Equity-to-Asset	0.74
Debt-to-Equity	0.1
Debt-to-EBITDA	0.81
Interest Coverage	59.22
Piotroski F-Score	7/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	4.75	Distress Grey Safe
Beneish M-Score	-2.51	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

8/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	-2.6
	3-Year EBITDA Growth Rate	7.8
	3-Year EPS without NRI Growth Rate	5.2
	3-Year FCF Growth Rate	11
	3-Year Book Growth Rate	-0.6
	Future 3-5Y EPS without NRI Growth Rate Estimate	18.74
	Future 3-5Y Total Revenue Growth Rate Estimate	7.69

Momentum Rank

3/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	34.2
	9-Day RSI	33.82
	14-Day RSI	34.46
	6-1 Month Momentum %	3.19
	12-1 Month Momentum %	64.97

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.34
	Quick Ratio	2.34
	Cash Ratio	1.86
	Days Inventory	0.19
	Days Sales Outstanding	36.61
	Days Payable	118.66

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	1.5
	Dividend Payout Ratio	0.24
	Forward Dividend Yield %	1.5
	5-Year Yield-on-Cost %	1.5
	3-Year Average Share Buyback Ratio	0.1
	Shareholder Yield %	1.53

Profitability Rank

7/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	39.3
	Operating Margin %	22.43
	Net Margin %	20.36
	FCF Margin %	33.02
	ROE %	9.81
	ROA %	7.28
	ROIC %	10.22
	3-Year ROIIC %	5.62
	ROC (Joel Greenblatt) %	886.44
	ROCE %	11.44
	Years of Profitability over Past 10-Year	8

GF Value Rank

3/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	19.15
	Forward PE Ratio	11.76
	PE Ratio without NRI	16.99
	Price-to-Owner-Earnings	29.05
	PEG Ratio	0.99
	PS Ratio	3.94
	PB Ratio	1.9
	Price-to-Tangible-Book	3.13
	Price-to-Free-Cash-Flow	11.92
	Price-to-Operating-Cash-Flow	11.92
	EV-to-EBIT	13.43
	EV-to-Forward-EBIT	11.58
	EV-to-EBITDA	13.43
	EV-to-Forward-EBITDA	10.51
	EV-to-Revenue	3.62
	EV-to-Forward-Revenue	3.03
	EV-to-FCF	10.96
	Price-to-Projected-FCF	0.95
	Price-to-Peter-Lynch-Fair-Value	1.14
	Price-to-Graham-Number	1.54
	Price-to-Net-Current-Asset-Value	12.21
	Price-to-Net-Cash	35.63
	Earnings Yield (Greenblatt) %	7.45
	FCF Yield %	7.81
	Forward Rate of Return (Yacktman) %	20.94

GF Value: €6.21

STU:63TA

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