13 Nov 2024 CMB International Global Markets | Equity Research | Company Update TME (TME US) Inline 3Q24 results; SVIP evolves as the new growth driver TME reported 3Q24 results on 12 Nov: total revenue increased by 7% YoY to RMB7.02bn, in line with our/Bloomberg consensus estimate; non-IFRS net income grew by 29% YoY to RMB1.81bn, also in line with our/consensus estimate of RMB1.76/1.79bn. The number of SVIP subscribers achieved the 10mn milestone in Sept 2024, and we expect it to become a key driver of th ...