Wide-Moat Tencent Still Has Many Monetization Opportunities
We remain positive on wide-moat-rated Tencent for its long-term growth outlook, but near-term uncertainty has risen because of the lack of visibility over the launches of new gaming titles. However, we had already factored in slower growth in 2018 due to the delays in approval for game monetization, and our earnings forecast is 10% below market consensus. We think the delay merely pushes off growth to 2019, when we expect game approvals to resume. Hence, we make little change to our key assumpti...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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