Portal Berita Ekonomi Rabu, 20 Februari 2019

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Crunch Time for Tencent Music's 2018 $2 Billion IPO Hopes

Foto Berita Crunch Time for Tencent Music's 2018 $2 Billion IPO Hopes
Warta Ekonomi.co.id, Jakarta -

Tencent Music Entertainment (TME) – China's answer to Spotify – is facing crunch time on its hotly anticipated U.S. $2 billion mega IPO this year.

The streaming music giant, which has more than 800 million monthly users, had initially pencilled in an October launch for a U.S. initial public offering (IPO) of up to $2 billion, but decided last month to delay until November in the hope that markets would settle. Now, the last mega U.S. IPO of the year faces a still-weak mood towards tech stocks and ongoing market jitters ahead of next week's G20 meeting in Buenos Aires.

Indeed, TME and its advisers have discussed pushing the deal into early 2019, according to two sources involved. No decision has yet been made by the company, they added.

"Of course they want to get the deal done within the year, but meanwhile, they don’t want to rush for the listing. What they care about a lot is (getting) the right valuation, rather than the fast pace of the listing," said one person involved.

Another source also emphasized the importance of the valuation and said of the market conditions: "We continue to monitor." TME declined to comment. The sources declined to be named because the deliberations are not public.

December is not considered an ideal month for large New York IPOs. While Hong Kong and Tokyo often remain busy well into year end – the $21 billion Tokyo IPO of SoftBank's Japanese telecoms business is due to debut on December 19 – New York traditionally slows late in the year.

In the past decade, U.S. markets have hosted just three IPOs of more than $1 billion in December and the latest of those priced on Dec. 11, according to Refinitiv data. Part of the thinking behind waiting for January is that big investors, weary of this year's rollercoaster ride would, after the year-end break, be more receptive to fresh deals that could count towards their 2019 performance.

Bankers are also paid on a calendar-year basis and with 2018 the strongest in three years, with $177 billion raised globally, most will have already surpassed their annual targets. The progress of TME's deal mirrors the fortunes of the world’s IPO markets this year, where an early-year rally boosted expectations for IPO valuations, only to run into weakening markets by February as investors worried about rising U.S. -China trade tensions and rising interest rates.

TME appointed banks for its deal in May, when hopes were strong that markets would steady or even recover. Sources at the time suggested it could raise up to $4 billion in what would have been the biggest Chinese IPO in the United States this year. In September, the amount sought was cut to about $2 billion.

In total, Chinese companies have raised $7.9 billion in U.S. IPOs this year, second only to 2014, when they raised $29 billion, boosted by Alibaba’s record-breaking $25 billion IPO.

Investor interest in TME has been piqued by its vast user base and its profitability compared with other streaming services such as Spotify (SPOT.N), which sent its shares tumbling earlier this month when it promised to continue sacrificing profit margins in order to invest heavily.

The Swedish streaming service, in which TME has a 7.5 percent stake, initially outperformed the market after its own IPO in April, but it is now trading 2 percent below its initial reference price and down 34 percent from its July peak, underperforming the tech-heavy Nasdaq Composite .IXIC which is flat over the same period. Tencent (0700.HK), the 58 percent owner of TME, has fallen 31 percent since Spotify floated.

Tag: Tencent Holdings Limited, Initial Public Offering (IPO)

Penulis/Editor: Cahyo Prayogo

Foto: Reuters/Bobby Yip

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Ringkasan BEI

No Name Today Change Stock
1 Composite Index 6494.667 -3.148 627
2 Agriculture 1612.273 9.233 21
3 Mining 1894.930 28.365 47
4 Basic Industry and Chemicals 879.497 -9.712 71
5 Miscellanous Industry 1359.758 -8.770 46
6 Consumer Goods 2656.426 -2.053 51
7 Cons., Property & Real Estate 454.123 1.975 74
8 Infrastruc., Utility & Trans. 1216.559 1.577 71
9 Finance 1233.741 -2.007 91
10 Trade & Service 822.920 1.934 155
No Code Prev Close Change %
1 BNII 258 322 64 24.81
2 ALDO 2,020 2,510 490 24.26
3 MINA 615 725 110 17.89
4 MPPA 260 306 46 17.69
5 INCF 306 360 54 17.65
6 BABP 51 58 7 13.73
7 MLPL 137 155 18 13.14
8 CSIS 137 154 17 12.41
9 GIAA 426 474 48 11.27
10 KARW 87 96 9 10.34
No Code Prev Close Change %
1 SIMA 400 300 -100 -25.00
2 NAGA 332 294 -38 -11.45
3 KONI 486 438 -48 -9.88
4 PSDN 246 222 -24 -9.76
5 AKSI 388 352 -36 -9.28
6 LION 665 615 -50 -7.52
7 FISH 3,670 3,400 -270 -7.36
8 TARA 840 780 -60 -7.14
9 SOTS 322 300 -22 -6.83
10 INAI 468 440 -28 -5.98
No Code Prev Close Change %
1 FREN 298 288 -10 -3.36
2 JPFA 2,500 2,440 -60 -2.40
3 ANTM 995 1,025 30 3.02
4 BBRI 3,840 3,910 70 1.82
5 BMRI 7,275 7,200 -75 -1.03
6 EXCL 2,530 2,610 80 3.16
7 INDY 1,785 1,925 140 7.84
8 BUMI 153 154 1 0.65
9 FILM 795 785 -10 -1.26
10 ADRO 1,245 1,295 50 4.02