Increasing Tencent's Moat to Wide; New FVE Is HKD 311 or USD 40
We raise Tencent’s moat to wide from narrow as we anticipate the strong network and ecosystem it has built on its Weixin/WeChat and QQ platforms will drive prolonged profit and market position. The time spent by its users on WeChat is now around 66 minutes per day (according to Quest Mobile), up around 27% from the 2015 level and which exceeds the 50 minutes active users spend on Facebook by comparison. We think Tencent will continue to benefit from its massive user base and intangible assets co...
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