New Street: Tencent 2Q22 Results - Monetization of Video Accounts Kicking Off
What's new: Tencent’s reported 2Q22 top-line results were below consensus and our expectations. Despite limited visibility in top-line growth, margins could continue to improve in 2H amid continued cost controls and operating efficiency initiatives across the business segments. We maintain our PT at HKD400.Analysts:
Jin Yoon
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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