vested
Brokers│Views
Nomura│International game business outshined as three main business segments on track for recovery
Citigroup│Growth accelerated across all business segments
BofA Securities│Growth accelerated and trend of improving profit margins remained intact
CICC│Revenue broadly recovered with continued efficiency improvement
Jefferies│Results solid
Daiwa│Growth momentum resumed
Credit Suisse│Quarterly profit margins beat with visible growth momentum for different
business segments this year
UBS│Game business and profit margins beat forecasts
Morgan Stanley│Business growth broadly quickened
Goldman Sachs│Further earnings growth fueled by resilient game business and ad recovery
JPMorgan│Profit growth momentum anticipated to continue
HSBC Global Research│Recovery of game business on track
CCB International│Game business switched to positive growth momentum with even faster growth for other key segments
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Tencent 0700 04 (Oct 21 - Dec 25)
Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Thu May 18, 2023 12:10 pm
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Thu May 18, 2023 4:51 pm
TENCENT HOLDINGS (700 HK)
Recommendation : BUY
Fair Value : HKD 480.00
RECOVERY WELL UNDERWAY, STAY INVESTED WITH THIS SOLID BUSINESS FRANCHISE.
1Q23 results beat, with most operating trends showing significant improvements
Impressive recovery in gaming revenue
More recovery ahead for Online Advertising, while Fintech segment grew strongly due to a rebound in economic activity
Sustainable profit growth driven by broad based recovery and improving margins; revise fair value (FV) down from HKD480 to HKD440
Over the long-term, we expect the advertising and financial services business to be the growth engines for Tencent while the domestic gaming business matures.
Our investment thesis for Tencent as a strong allocator of capital to growth businesses and ability to generate sustainable long-term earnings growth continues to play out amidst the economic recovery in FY23.
Over the longer-term, Tencent’s development of its own foundational AI model could lead to new business opportunities and new sources of cost efficiencies.
Taking into account relatively attractive valuations vs historical trading ranges and future growth profile, we believe that investors should continue to stay invested in Tencent’s solid business franchise.
Source: OCBC
Recommendation : BUY
Fair Value : HKD 480.00
RECOVERY WELL UNDERWAY, STAY INVESTED WITH THIS SOLID BUSINESS FRANCHISE.
1Q23 results beat, with most operating trends showing significant improvements
Impressive recovery in gaming revenue
More recovery ahead for Online Advertising, while Fintech segment grew strongly due to a rebound in economic activity
Sustainable profit growth driven by broad based recovery and improving margins; revise fair value (FV) down from HKD480 to HKD440
Over the long-term, we expect the advertising and financial services business to be the growth engines for Tencent while the domestic gaming business matures.
Our investment thesis for Tencent as a strong allocator of capital to growth businesses and ability to generate sustainable long-term earnings growth continues to play out amidst the economic recovery in FY23.
Over the longer-term, Tencent’s development of its own foundational AI model could lead to new business opportunities and new sources of cost efficiencies.
Taking into account relatively attractive valuations vs historical trading ranges and future growth profile, we believe that investors should continue to stay invested in Tencent’s solid business franchise.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 110207
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Thu May 18, 2023 5:17 pm
vested
Earnings First Take: 1Q23 revenue beat, games and Fintech recovered faster than expected (+ve)
Revenue increased by 11% to Rmb145bn, 3% higher than market expectations
The outperformance was driven by faster-than-expected recovery in fintech and online games
Non-IFRS net profit increased by 27% to Rmb32.5bn, largely in line
Maintain BUY with TP of HK$509
What’s New
Revenue increased by 11% to Rmb145bn, 3% higher than market expectations.
Segment wise, online game revenue grew by 11% y-o-y or 16% q-o-q to Rmb48.3bn. In terms of geographical performance, domestic game revenue increased by 6% to Rmb35bn, mainly driven by the robust performance of flagship games during the Chinese New Year. International game revenue increased by 25% to Rmb13bn, or grew 16% if excluding the currency impact, faster than market expectations.
Fintech and business services (FBS) revenue increased by 14% to Rmb48.7bn, mainly driven by the strong rebound in offline commercial payment activities after reopening.
Online ad revenue increased by 17% to Rmb21bn, driven by the addition of video accounts as a new advertising revenue stream and increasing ad spend from key advertisers.
Operating margin contracted by 0.5ppt y-o-y to 27%, due to increased marketing expenses and promotion activities for the launch of new games.
Income tax expense rose by 118% to Rmb11.5 bn (vs Rmb5bn in 1Q22), mainly due to one-time adjustment for deferred taxes related to an overseas subsidiary.
Non-IFRS net profit increased by 27% to Rmb32.5bn, largely in line with market expectations. If excluding one-off tax adjustment of c.Rmb4bn, adjusted Non-IFRS net profit should be higher than consensus.
Our View:
We expect a positive share price reaction on stronger revenue growth in 1Q23.
The revenue beat was mainly driven by the faster-than-expected recovery of fintech and online games. Online games resumed positive growth after four quarters of decline. We believe the robust growth momentum will be sustained in the coming quarters, supported by the launch of new games at home and overseas.
Tencent is currently trading at c.20x FY23 PE, 1.4x SD below the five-year historical average of 25x. Maintain BUY with TP of HK$509, premised on 29x FY23 PE.
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=14394
Earnings First Take: 1Q23 revenue beat, games and Fintech recovered faster than expected (+ve)
Revenue increased by 11% to Rmb145bn, 3% higher than market expectations
The outperformance was driven by faster-than-expected recovery in fintech and online games
Non-IFRS net profit increased by 27% to Rmb32.5bn, largely in line
Maintain BUY with TP of HK$509
What’s New
Revenue increased by 11% to Rmb145bn, 3% higher than market expectations.
Segment wise, online game revenue grew by 11% y-o-y or 16% q-o-q to Rmb48.3bn. In terms of geographical performance, domestic game revenue increased by 6% to Rmb35bn, mainly driven by the robust performance of flagship games during the Chinese New Year. International game revenue increased by 25% to Rmb13bn, or grew 16% if excluding the currency impact, faster than market expectations.
Fintech and business services (FBS) revenue increased by 14% to Rmb48.7bn, mainly driven by the strong rebound in offline commercial payment activities after reopening.
Online ad revenue increased by 17% to Rmb21bn, driven by the addition of video accounts as a new advertising revenue stream and increasing ad spend from key advertisers.
Operating margin contracted by 0.5ppt y-o-y to 27%, due to increased marketing expenses and promotion activities for the launch of new games.
Income tax expense rose by 118% to Rmb11.5 bn (vs Rmb5bn in 1Q22), mainly due to one-time adjustment for deferred taxes related to an overseas subsidiary.
Non-IFRS net profit increased by 27% to Rmb32.5bn, largely in line with market expectations. If excluding one-off tax adjustment of c.Rmb4bn, adjusted Non-IFRS net profit should be higher than consensus.
Our View:
We expect a positive share price reaction on stronger revenue growth in 1Q23.
The revenue beat was mainly driven by the faster-than-expected recovery of fintech and online games. Online games resumed positive growth after four quarters of decline. We believe the robust growth momentum will be sustained in the coming quarters, supported by the launch of new games at home and overseas.
Tencent is currently trading at c.20x FY23 PE, 1.4x SD below the five-year historical average of 25x. Maintain BUY with TP of HK$509, premised on 29x FY23 PE.
Source: DBS
https://www.dbs.com/insightsdirect/comp ... ecid=14394
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Tue May 23, 2023 6:18 pm
vested
Tencent Holdings (700 HK) - Recovery well underway, stay invested with this solid business franchise
Over the long-term, we expect the advertising and financial services business to be the growth engines for Tencent while the domestic gaming business matures.
Our investment thesis for Tencent as a strong allocator of capital to growth businesses and ability to generate sustainable long-term earnings growth continues to play out amidst the economic recovery in FY23.
Over the longer-term, Tencent’s development of its own foundational AI model could lead to new business opportunities and new sources of cost efficiencies.
Taking into account relatively attractive valuations vs historical trading ranges and future growth profile, we believe that investors should continue to stay invested in Tencent’s solid business franchise. BUY.
Source: OCBC
Tencent Holdings (700 HK) - Recovery well underway, stay invested with this solid business franchise
Over the long-term, we expect the advertising and financial services business to be the growth engines for Tencent while the domestic gaming business matures.
Our investment thesis for Tencent as a strong allocator of capital to growth businesses and ability to generate sustainable long-term earnings growth continues to play out amidst the economic recovery in FY23.
Over the longer-term, Tencent’s development of its own foundational AI model could lead to new business opportunities and new sources of cost efficiencies.
Taking into account relatively attractive valuations vs historical trading ranges and future growth profile, we believe that investors should continue to stay invested in Tencent’s solid business franchise. BUY.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 110207
- Joined: Wed May 07, 2008 9:28 am
Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Tue May 23, 2023 6:52 pm
vested
Return to growth
Total revenue reached Rmb150bn in 1Q23 (+11% yoy, +3% qoq), beating our expectation, driven by strong growth in gaming, online ads, and payment businesses.
Non-IFRS net profit grew 27% yoy in 1Q23 (+10% qoq), beating our expectation, driven by higher revenue and better gross margins of each business segment.
We expect revenue to grow 11.6% yoy and non-IFRS NP to increase 24.9% yoy in FY23F, driven by a low base in FY22 and a faster recovery in all business categories.
Reiterate Add with a new DCF-based TP of HK$447.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 8BCF54E261
Return to growth
Total revenue reached Rmb150bn in 1Q23 (+11% yoy, +3% qoq), beating our expectation, driven by strong growth in gaming, online ads, and payment businesses.
Non-IFRS net profit grew 27% yoy in 1Q23 (+10% qoq), beating our expectation, driven by higher revenue and better gross margins of each business segment.
We expect revenue to grow 11.6% yoy and non-IFRS NP to increase 24.9% yoy in FY23F, driven by a low base in FY22 and a faster recovery in all business categories.
Reiterate Add with a new DCF-based TP of HK$447.
Source: CIMB
https://rfs.cgs-cimb.com/api/download?f ... 8BCF54E261
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Tue May 30, 2023 3:23 pm
vested
JPM Forecasts Increased Pace for TENCENT (00700.HK) NP Growth This Yr
JPMorgan commented in a research report that it is more optimistic about the growth outlook of TENCENT (00700.HK) after meeting with its management following the announcement of the group's first quarter results.
JPM expected the group's earnings growth to accelerate this year on strong game revenue growth, recovery in advertising revenue driven by short-video users, and continued cost efficiencies.
In the medium term, the broker believed the group will benefit from market share growth in advertising, international gaming, financial technology and business services.
JPM said the group's adjusted operating profit has beaten expectations in the first quarter, while its adjusted EPS growth accelerated from 19% in 4Q22 to 28% in 1Q23, which is expected to increase further to 30% for the rest of the year.
JPM rated TENCENT Overweight with a target price of $440.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2023-05-30 12:25.)
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
JPM Forecasts Increased Pace for TENCENT (00700.HK) NP Growth This Yr
JPMorgan commented in a research report that it is more optimistic about the growth outlook of TENCENT (00700.HK) after meeting with its management following the announcement of the group's first quarter results.
JPM expected the group's earnings growth to accelerate this year on strong game revenue growth, recovery in advertising revenue driven by short-video users, and continued cost efficiencies.
In the medium term, the broker believed the group will benefit from market share growth in advertising, international gaming, financial technology and business services.
JPM said the group's adjusted operating profit has beaten expectations in the first quarter, while its adjusted EPS growth accelerated from 19% in 4Q22 to 28% in 1Q23, which is expected to increase further to 30% for the rest of the year.
JPM rated TENCENT Overweight with a target price of $440.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2023-05-30 12:25.)
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by behappyalways » Sun Jun 11, 2023 8:58 pm
Pay with your palm: Tencent launches new payment method in China
https://m.youtube.com/watch?v=d-6iceHaQoI&t=1s
https://m.youtube.com/watch?v=d-6iceHaQoI&t=1s
血要热 头脑要冷 骨头要硬
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Thu Jun 29, 2023 8:53 am
Tencent Says CN WeChat Pay Will Accept Overseas Credit & Debit Cards Incl. Visa from Jul
TENCENT (00700.HK) will progressively open up the WeChat Pay merchant network to international credit or debit card organizations such as Visa from July, so as to enable overseas users to link up their preferred credit and debit cards with their WeChat Pay accounts in mainland China, said Royal Chen Qiru, vice-president of Tencent Financial Technology, at the World Economic Forum.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
TENCENT (00700.HK) will progressively open up the WeChat Pay merchant network to international credit or debit card organizations such as Visa from July, so as to enable overseas users to link up their preferred credit and debit cards with their WeChat Pay accounts in mainland China, said Royal Chen Qiru, vice-president of Tencent Financial Technology, at the World Economic Forum.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
- Posts: 110207
- Joined: Wed May 07, 2008 9:28 am
Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Wed Jul 12, 2023 8:17 am
vested
Tencent to launch hit game Valorant in China as it seeks a domestic successor to League of Legends
Valorant was launched globally in June 2020, becoming an instant hit with over 14 million players as of July
Tencent says Valorant is its ‘most important game published this year’ and will be made available to players on the mainland from Wednesday
by Ann Cao
Source: SCMP
https://www.scmp.com/tech/big-tech/arti ... ue-legends
Tencent to launch hit game Valorant in China as it seeks a domestic successor to League of Legends
Valorant was launched globally in June 2020, becoming an instant hit with over 14 million players as of July
Tencent says Valorant is its ‘most important game published this year’ and will be made available to players on the mainland from Wednesday
by Ann Cao
Source: SCMP
https://www.scmp.com/tech/big-tech/arti ... ue-legends
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: Tencent 0700 04 (Oct 21 - Dec 23)
by winston » Tue Jul 18, 2023 10:02 am
not vested
Prosus Expects to Cut TENCENT Stake to 24-25% within This Yr
Prosus, a subsidiary of the South African media group Naspers and a major shareholder of TENCENT (00700.HK) has been progressively reducing its stake in the Chinese tech giant, in order to fund its own share buyback program, Bob van Dijk, CEO of Prosus, told foreign media.
Bob van Dijk anticipated that Prosus will likely reduce its stake in TENCENT by 2-3 ppts on a yearly basis, which would bring its total shareholding in the Chinese tech company to 24-25% by the end of this year.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
Prosus Expects to Cut TENCENT Stake to 24-25% within This Yr
Prosus, a subsidiary of the South African media group Naspers and a major shareholder of TENCENT (00700.HK) has been progressively reducing its stake in the Chinese tech giant, in order to fund its own share buyback program, Bob van Dijk, CEO of Prosus, told foreign media.
Bob van Dijk anticipated that Prosus will likely reduce its stake in TENCENT by 2-3 ppts on a yearly basis, which would bring its total shareholding in the Chinese tech company to 24-25% by the end of this year.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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