Tencent: New VA Opportunities? New Ecommerce Initiatives Adding to an Already Burgeoning Ad Business
What’s New: As we enter the 6th year into the launch (and more than 2 years into the introduction of feed ads) of Video Accounts (VA), we are now at an inflection point where revenues are no longer just dependent on advertising alone. We see a clear runway for Tencent to be a formidable competitor in e-commerce, driving not only material multiples expansion but also upside to OP. Introductions of new ad formats could be a key driver for advertising revenues in the near term, while we see continued platform adoption in other segments such as local services, live streaming, short plays, mini games, and music.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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