Tencent 4Q23 Results: Domestic Games Could be Challenging in 1Q
What’s new: Tencent’s reported 4Q23 revs were below consensus and our expectations partly due to drag in gaming segment. Domestic games could remain challenging in 1Q partly due to tougher comps. Margins could further improve amid shift to high-quality revenue growth model, and continued cost controls. We maintain our PT at HKD450.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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