Equity Research China Technology 13 May 2025 Tencent Music Entertainment Group Solid Results, Growth Formula Continues to Shift to ARPPU Fueled By SVIP Modestly raising our FY25 estimates on solid results, but drivers shift more towards ARPPU; Reiterate OW and PT of $16. Overall, TME delivered a pretty decent quarter with small beat in revenue and ARPU vs. BARC and Bloomberg consensus, but missed on the paying user net add number. There is no way around it, paying user growth was soft this quarter, +1.9mn v ...