The setup table here for Tencent Music (TME) looks ugly:
The stock has doubled YTD and with considerable outperformance of late, leaving us with the only 20x+ forward earnings multiple into a print in the history of the data I can find. This feels due for a let down as we move towards big brother Tencent’s print on Wednesday (we’ll also have a preview for that).
Here are Consensus expectations into the 2Q print for Tencent Music (TME):
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