Tencent’s FVE Raised by 45% to HKD 492 (USD 63) After Coverage Transfer; Shares Undervalued
We have transferred coverage of wide-moat Tencent and have raised our fair value estimate to HKD 492 per share (USD 63) from HKD 344 per share (USD 44). Sixty-six percent of the fair value upgrade is due to revised growth and margins, with the rest due to incorporating Tencent’s share of the market valuation of its major investments. We think Tencent has numerous growth opportunities behind our 10-year revenue CAGR of 34% (versus 21% previously) and our adjusted operating profit CAGR of 25% (ver...Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.
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