Tencent: 4Q22 Results - Ad and Gaming Recovery Taking Place
What's new: Tencent’s reported 4Q22 top-line results were above consensus and our expectations. Each major business segments could continue to recover in FY23 amid easier comps, gradual macro improvement, and incremental rev contribution from video accounts. We increase our PT from HKD400 to HKD450 on an improving top-line and margin outlook. Our revised PT of HKD450 implies 26.4x FY23E P/E.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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