reports
Tencent Holdings Limited: 2 directors
Two Directors at Tencent Holdings Limited sold 37,000 shares at between 509.080HKD and 518.500HKD. The significance rating of the trade was 99/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's director...
- Jin Yoon
Tencent 1Q25 Results: Gaming and Ads Could Remain Resilient in 2Q
What’s new: Tencent’s reported 1Q25 top-line results that were above consensus and our expectations. Gaming could remain resilient partly driven by evergreen titles such as HoK and Peacekeeper Elite and newly launched games such as Delta Force. Ads could also continue to outperform industry growth partly driven by video accounts. We maintain our PT at HKD650. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 1Q25: Strong results propelled by robust ga...
Tencent’s 1Q25 results came in higher than expectations. Revenue grew 13% yoy to Rmb180b, 3% ahead of our and consensus estimates. Gross margin expanded 3ppt yoy to 55.8%, outpacing consensus forecasts. Non-IFRS operating profit grew 18% yoy to Rmb69.3b, while non-IFRS operating margins expanded 2ppt yoy to 38.5% on a positive shift in revenue mix. Non-IFRS diluted EPS surged 25% yoy, 3% higher than our and consensus estimates. Maintain BUY with a higher target price of HK$650.00.
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Llelleythan Tan Tan
- Ming San Soong
- Paula Ruth
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
Regional Morning Notes - Thursday, May 15, 2025
GREATER CHINA Economics Money Supply: Credit demand weakens in April. Results Tencent Holdings (700 HK/BUY/HK$521.00/Target: HK$650.00): 1Q25: Strong results propelled by robust games and AI-powered ad-tech. INDONESIA Sector Telecommunications: 1Q25: EBITDA stable at -0.8% qoq. Maintain MARKET WEIGHT. MALAYSIA Results Sunway REIT (SREIT MK/BUY/RM1.93/Target: RM2.05): 1Q25: Results in line. Looking ahead, the full reopening of Sunway Carnival Mall Phase 2 and AEON Seri Manjung acquisition are e...
BJC BERLI JUCKER PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
AWX AEM HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
5162 VSTECS
AP AP THAILAND
00700 TENCENT HOLDINGS LTD.
G13 GENTING SINGAPORE LIMITED
SREIT SUNWAY REAL ESTATE INVESTMEN
TIDLOR TIDLOR HOLDINGS PCL
- Claire Wang Kelai
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Thursday, May 15, 2025
KEY HIGHLIGHTS Economics Money Supply April's M1 growth moderated to 1.5% yoy (-0.1ppt), falling short of consensus’ 3.2% yoy, while M2 jumped to 8.0% yoy (+1ppt). This was likely due to base effects, since outstanding bank loans grew only 7.2% yoy (-0.2ppt). In contrast, outstanding TSF growth was strong at 8.7% yoy (+0.3ppt). However, new bank loans and new TSF fell to Rmb0.28t and Rmb1.16t respectively, missing expectations of Rmb0.69t and Rmb1.40t. Looking ahead, credit demand may pick up ...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Expecting ample monetisation potential on promising ga...
We expect to see an encouraging monetisation momentum given the anticipation of high-quality game releases by online game companies in 2025. We like the online game sector as it is a countercyclical play and is less susceptible to the ongoing geopolitical uncertainties. Our preference lies with Tencent, given its strong game grossing growth momentum and its position as a key proxy for AI application beneficiaries. Maintain MARKET WEIGHT.
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - May 2025
GREATER CHINA Strategy Alpha Picks: May Conviction Calls: Add Alibaba, Innovent, Shuanghuan, Trip.com to our BUY list. Take profit on JBM Healthcare and CR Land. INDONESIA Strategy Alpha Picks: Outperformance In Apr 25: Remove ICBP, EXCL and MIKA; add BBTN and GOTO. MALAYSIA Strategy Alpha Picks: Capitalising On Sentiment Turnaround: Our Apr 25 Alpha Picks underperformed. May 25 picks: Duopharma, Gamuda, IJM, IOI Properties, TIME dotCom, MYEG, Nationgate, Northeast Group and RHB Bank. SINGAPO...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Jin Yoon
Tencent: New VA Opportunities? New Ecommerce Initiatives Adding to an ...
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 continu...
- Pelham Smithers
PSA Media & Entertainment: Video Game Third-Party Publishers’ FY24 Q4 ...
The US market has been good to Japanese game developers, so far, in 2025. Pelham Smithers updates us on what is performing well in the charts and what implications it has for the upcoming earnings season. Several companies have seen their shares rise April-to-date, so the FY25 outlook will be closely watched.
- Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jo Yee Ng
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kitpon Praipaisarnkit
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Meeting Notes: Wednesday, April 09, 2025
GREATER CHINA Sector Internet Navigating headwinds and uncovering opportunities upon tariff pressures. INDONESIA Update Erajaya Swasembada (ERAA IJ/BUY/Rp348/Target: Rp480) Iphone 16 series to be available in 2Q25. Maintain BUY. MALAYSIA Update Matrix Concepts Holdings (MCH MK/BUY/RM1.27/Target: RM1.66) We view the RPT deal as fair and strategic as the acquisition allows Matrix to see faster ro...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
1295 PUBLIC BANK BHD
3K1 KINGSOFT CORP. LTD.
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
ERAA ERAJAYA SWASEMBADA
BCH BANGKOK CHAIN HOSPITAL PCL
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
RATCH RATCH GROUP PUBLIC CO. LTD.
00780 TONGCHENG-ELONG HOLDINGS LIMITED
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
TIDLOR NGERN TID LOR PCL
MCH MATRIX CONCEPTS HOLDINGS BHD
09888 BAIDU INC
1024 BEIJING KUAISHOU TECHNOLOGY CO LTD
09961 CTRIP.COM INTERNATIONAL
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - April 2025
GREATER CHINA Strategy Alpha Picks: April Conviction Calls: Add CR Beer, Desay, JBM Healthcare, JD Logistics, Minth, WuXi App Tech and Xiaomi Corp to our BUY list. Take profit on AIA, Hansoh Pharma, JD and Zijin Mining. INDONESIA Strategy Alpha Picks: Outperform In Mar 25: Remove BBNI, BBRI, ASII, JSMR and KLBF; add BBCA, ICBP, ERAA and BUKA. MALAYSIA Strategy Alpha Picks: Pockets of Opportunities: Our Mar 25 Alpha Picks outperform. Apr 25 picks: Alpha IVF, Duopharma, IJM, IOI Properties, TIME...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Pelham Smithers
- Julia Pan Mengyao
- Ming San Soong
China Internet: Monetisation potential and trends of AI agent from the...
Seeing great opportunities in AI development, major China cloud hyperscalers are significantly lifting their AI investment in 2025. With the launch of Manus, we are more optimistic about the accelerating monetisation capabilities of AI agents and applications through API integration and tool utilisation, which benefit cloud hyperscalers. Maintain MARKET WEIGHT.
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Lester Siew
- Ming San Soong
- Paula Ruth
- Roy Chen Chengzhi
- Sunny Chen
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, March 25, 2025
GREATER CHINA Sector Internet Monetisation potential and trends of AI agent from the launch of Manus AI. Results CMOC (3993 HK/BUY/HK$6.72/Target: HK$8.70) 2024: Above expectations; copper output up 55% yoy to 650,161 tonnes. COSCO SHIPPING Holdings (1919 HK/BUY/HK$12.58/Target: HK$11.62) 2024: Results in line; more volatile business environment in 2025 but limited valuation ...
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
3993 CHINA MOLYBDENUM CO. LTD. CLASS H
3K1 KINGSOFT CORP. LTD.
TISCO TISCO FINANCIAL GROUP
X2S SINOPHARM GROUP CO. LTD. CLASS H
ERAA ERAJAYA SWASEMBADA
00700 TENCENT HOLDINGS LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
RHBBANK RHB BANK BHD
HLFG HONG LEONG FINANCIAL GROUP
IOI IOI CORP BHD
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
TXG 10X GENOMICS INC CLASS A
ABANK AFFIN BANK BHD
09988 ALIBABA GROUP HOLDING LTD.
1888 KINGBOARD LAMINATES HOLDINGS LTD
09888 BAIDU INC
123F 123FAHRSCHULE SE
BIMB BANK ISLAM MALAYSIA BHD
EPIC 1CM INC
Z29 029 GROUP SE
MAYBANK MALAYAN BANKING BHD
HUIZ HUIZE HOLDING LIMITED
- Jin Yoon
Tencent 4Q24 Results: AI Investments Remain a Key Focus for 2025
What’s new: Tencent’s reported 4Q24 results that were above consensus and our expectations. Tencent plans to step up investments in AI where capex could reach low-teens percentage of revs in 2025. We up our PT from HKD530 to HKD600 on multiples rerating related to AI. Our updated PT of HKD600 implies a 22.1x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 4Q24: Stable capex and margin outlook in 20...
Tencent’s 4Q24 results are largely within expectations. Revenue grew 11% yoy to Rmb172.4b, in line with consensus estimates. Gross margin expanded 3ppt yoy to 52.6%, in line with consensus forecasts. Non-IFRS operating profit grew 21% yoy to Rmb59.5b, while non-IFRS operating margin shrank 3ppt yoy to 34.5% on a positive shift in the revenue mix. Non-IFRS diluted EPS surged 33% yoy, beating consensus estimates by 8%. Maintain BUY with a higher target price of HK$645.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, March 20, 2025
KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80) Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market sha...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Ejann Hiew
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, March 20, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
AS7 ANTA SPORTS PRODUCTS LTD.
AAON AAON INC.
00683 KERRY PROPERTIES LIMITED
3K1 KINGSOFT CORP. LTD.
AJBU KEPPEL DC REIT
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
HCM HUTCHISON CHINA MEDITECH LIMITED
DBB DUOPHARMA BIOTECH BHD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
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