Tencent Music Entertainment Group （TME.US）：First take，2Q24 in~line， healthy music growth and record high GPM of 42%； Buy

13 August 2024 | 6:25PM HKT Tencent Music Entertainment Group (TME): First take: 2024 in-line, healthy music growth and record high GPM of 42%; Buy Tencent Music (TME) reported 2024 revenue largely inline (-2% yoy, -1% vs. GSe/-0% vs. Visible Alpha Consensus), non-GAAP operating profit beat (+39% yoy, +7% vs. GSe) and adj. net profit slight beat (+22% yoy, +2% vs. GSe/+3% vs. Consensus). Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ron ...