Reaffirming Tencent’s FVE at HKD 641 per Share; Substantial Long-Term Monetization Intact
Wide-moat Tencent reported first-quarter results that beat our expectations and consensus. We think revenue in the quarter is broadly on track to meet our full-year forecast, while operating profit before other gains equals 27% of our full-year forecast, slightly ahead of the 22%-24% range since 2014. Margins were better than our expectations, resulting from improved margin in the video and music subscription businesses and service fees for credit card prepayment in the others business. Given th...
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