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Chris Thomas

Research Analyst at Jefferies Financial Group Inc.

Chris Thomas is an Incoming Investment Banking Analyst at Jefferies Financial Group Inc., specializing in advisory services with a particular focus on transaction execution and client financial analysis. His recent professional background includes experience gained through internships and academic projects, and he is set to begin covering key industry clients as part of Jefferies' investment banking division. Having recently completed his studies and earned the opportunity to join Jefferies, Chris is early in his professional career and has not yet established a notable record of equity research coverage, success rates, or award recognition. Professional credential information such as securities licenses or FINRA registration is not yet publicly available for Chris Thomas, which is typical for analysts at the outset of their careers.

Chris Thomas's questions to Tencent Music Entertainment (TME) leadership

Question · Q3 2025

Chris Thomas inquired about the 2026 growth drivers for Tencent Music Entertainment's subscription services, including momentum for ARPPU and net additions, potential changes in strategy due to competition (e.g., lower-priced packages), and the goals for SVIP subscriber base and penetration in 2026.

Answer

CFO Shirley Hu explained that 2026 subscription growth will be driven by high-quality content (original productions, IP partnerships, derivatives) and functional privileges (sound quality, customization, AI-powered music creation). She affirmed a multi-pronged membership strategy (freemium, ad-supported, regular, SVIP) to balance user growth and monetization, noting TME's strong monetization efficiency per DAU. Executive Chairman Cussion Kar Shun Pang added that SVIP remains critical, with continued growth in penetration and ARPPU, driven by high-quality content and IP partnerships.

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Question · Q3 2025

Chris Thomas asked about the 2026 growth drivers for subscription services, including ARPPU and net subscriber additions, considering competitive dynamics. He also questioned if lower-priced packages would be introduced and the goals for SVIP subscribers and penetration in 2026.

Answer

CFO Shirley Hu explained that 2026 subscriber growth will be driven by high-quality content and functional privileges like sound quality and AI song creation. She detailed a multi-tiered membership strategy from freemium to SVIP, noting that low-priced packages are not new. Executive Chairman Cussion Kar Shun Pang added that comprehensive IP partnerships will drive SVIP growth.

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Fintool

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