Tencent’s Top-Line Slightly Missed, but We Believe its Long-Term Growth Potential Is Still Huge
Tencent released mixed fourth-quarter results with top-line growth slightly missing our estimates but new initiatives such as payment and cloud on the right track. Although Weixin's mini program is still at an initial stage, it could become a useful tool on the Weixin platform for O2O services. The operating margin was 32%, which was 200 basis points lower than our estimates mainly due to higher promotion spending in newly released mobile games and payment services. Although the company has been...
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