MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Universal Music Reports Strong Headline Growth But Weaker Credit Metrics

COMMUNICATIONS

Rating: Baa1/BBB+ EUR Spreads Muted

  • Q2 revenue +9.6% YoY cFX (+1.7% vs. BBG consensus). The Recorded Music segment (three-quarters of business) was a slight drag at +6.8% though Music Publishing was +10.4%.
  • EBITDA was +11.3% cFX with the EBITDA margin +0.2pp to 22.1%.
  • H1 Net CFO before taxes was -38% YoY to EUR 436mn mainly on royalty advance payments net of recoupments of EUR 315mn. FCF was a EUR 460mn outflow vs. EUR 13mn in H123.
  • Net debt of EUR 2.6bn up from EUR 1.7bn at FY23 and EUR 2.3bn at H123 on back of investments, dividends and weaker cash flow. Quick calculation shows leverage rising from 0.7x at FY23 to over 1x now.
  • EUR 439mn dividend declared in line with 50% of adj profit policy; DPS in line with single BBG estimate.
Credit BulletsDataBulletHomepagemarkets-real-timeCredit
Credit BulletsDataBulletHomepagemarkets-real-timeCredit

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