Cloud Music Inc

09899: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$711.00	Kgtjw	Mwgtgfly

Cloud Music: Solid Start to 2024; Shares Undervalued

Ivan Su

Jun 11, 2024

We maintain our fair value estimate for Cloud Music following its parent company, NetEase's recent earnings release, which provided insights into Cloud Music's financial performance for the first quarter of 2024. Cloud Music only publishes financial reports on an interim basis. The revenue for Cloud Music increased by 4% year over year, driven by an acceleration in music subscription growth. However, this was partly offset by a decline in live streaming-related revenue.

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