Tencent Music Entertainment Group

HK$37.28As of Sun 8 Nov 2026, 12:00 UTC

HKEX:1698Communication

Country Hong Kong

PE (Fwd) 8.657

TSR 4Y CAGR 24.53%

Div yield 2.65%

ROE —

Internet Content & Information

Beta (5Y) 0.72

PE TTM 8.920

TSR TTM (55.96%)

Mkt cap HK$123.7B

ROIC —

SE Grade™

Value

Quality

Moat

—

1Y Price

Reference

$39

4.98%

9.23%

Price near Reference Value

TTM

FYE 31 Dec CNY

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

32.90

Revenue¥B

—

31.24

28.34

27.75

28.40

32.90

33.33

1.30%

15.85

Revenue growth%

—

(9.30)

(2.07)

2.34

15.85

1.29

0.13

—

44.18

Gross margin%

—

30.10

30.96

35.29

42.34

44.18

44.20

35.29

29.77

Operating margin%

—

10.05

12.53

18.01

26.65

29.77

29.85

18.01

33.60

Net margin%

—

9.69

12.98

17.73

23.39

33.60

33.71

17.73

8.920

P/E ratio (avg)x

—

21.50

17.03

20.43

19.33

8.779

19.88

—

10.07

EV/EBITx

—

22.27

16.76

17.93

21.82

9.914

19.88

—

FCF yield (avg)%

—

FCF margin%

—

FCF / Net incomex

—

ROIC%

—

Return on equity%

—

Return on assets%

—

3.56

EPS¥

—

0.90

1.14

1.55

2.12

3.56

3.61

40.96%

—

67.59

EPS growth%

—

26.22

36.60

36.66

67.59

1.60

36.63

—

Bookvalue per sh¥

—

FCF per share¥

—

0.84

Dividend per sh¥

—

0.49

0.66

0.84

0.92

31.45%

—

2.65

Div yield (avg)%

—

1.84

1.52

1.22

2.89

1.52

—

23.58

Payout ratio%

—

31.34

30.99

23.58

25.40

23.58

3.109

Shares (diluted)B

—

3.363

3.235

3.168

3.131

3.109

◌3.109

(1.95%)

0.70

Buyback yield%

—

3.82

2.04

1.18

0.70

◌—

1.61

—

D/E ratiox

—

98.62

Enterprise value¥B

—

79.06

83.77

135.7

213.7

98.62

39.30%

—

LT debt¥M

—

Peers (US$15.78B)

Cap (US$)

Baidu, Inc.

27.03B

—

Kuaishou Technology

15.96B

7.011x

Kanzhun Limited

7.888B

12.19x

REA Group Limited

15.69B

41.81x

Capital

TTM

10Y

Leveragex

—

EBIT/Intx

80.29

40.31

Own earn%

—

Sh yield%

3.35

3.26

Owners

Insiders/Inst%

—

Short interest%

—

SBC / revenue%

1.97

Record

10Y

Profitable years

5/5

Revenue growth years

2/4

EPS growth years

4/4

Dividend streakyrs

Op margin range%

10–30

$1 testx

—

Incr. ROIC%

—

Tencent Music Entertainment Group operates online music entertainment platforms that provides music streaming, online karaoke, and live streaming services in the People’s Republic of China.

Growth vs revenue

Latest

Trend

4Y CAGR

Rel growth

Revenue

¥32.90B

1.30%

1.00×

Cost of revenue

¥18.37B

(4.24%)

0.80×

Operating expenses

¥4.740B

(6.73%)

0.72×

Revenue by region

No breakdown available

Reinvestment returns

n/m

Trend

Reinvestment rate

n/m

Return on capital

n/m

Spread over hurdle

n/m