Tencent Music Entertainment Group

“Tencent Music is a solid, cash-generative platform that has improved its business quality through a successful pivot toward subscriptions and better monetization, while still trading at a low valuation that assumes little future progress. The balance sheet is strong and shareholder returns are improving, but the moat is only moderate and the governance, regulatory, and VIE structure risks justify a permanent discount. This is investable at the current price, but it is not a table-pounding idea because non-economic risks cap conviction.”