Tencent’s Strong Network Effect is Intact Despite Margin Decline; Increase FVE to HKD 226
Tencent delivered strong top-line growth of 52% year on year in the third quarter, but the sequential decline of operating margin by over 400 basis points missed both our estimate and market consensus. We believe that Tencent’s strong network effect is intact, and the investment in grabbing more market share and Internet infrastructure services will eventually strengthen its economic moat. In the third quarter, the monthly active users of Weixin were 846 million, up 30% year on year. The aggress...
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