reports
- Chelsey Tam
Morningstar | Tencent Company Report
We think Tencent has put more focus on cloud and advertising businesses following its reorganization. The cloud and smart industries group has been created as a stand-alone segment for the cloud business and enterprise-facing services such as smart retail. The advertising and sales department and the social and performance advertising department were merged to form the advertising and marketing services business under the corporate and development group. This business can provide advertisers wit...
- Chelsey Tam
Tencent Company Report
For the first quarter of 2019, wide-moat Tencent’s revenue grew 16% year on year, mainly driven by 26% growth in the new segment, fintech and business services. The fintech and business services segment accounted for 26% of revenue, with financial technologies such as commercial payments and microloans contributing the majority of the revenue. Operating profit (which excludes interest income and other gains and losses, unlike reported operating profit) was up 10% year over year, with a 160-bas...
- Chelsey Tam
Morningstar | Slower Growth at Tencent in 1Q; We Expect Growth to Acce...
For the first quarter of 2019, wide-moat Tencent’s revenue grew 16% year on year, mainly driven by 26% growth in the new segment, fintech and business services. The fintech and business services segment accounted for 26% of revenue, with financial technologies such as commercial payments and microloans contributing the majority of the revenue. Operating profit (which excludes interest income and other gains and losses, unlike reported operating profit) was up 10% year over year, with a 160-bas...
- Chelsey Tam
Morningstar | Slower Growth at Tencent in 1Q; We Expect Growth to Acce...
For the first quarter of 2019, wide-moat Tencent’s revenue grew 16% year on year, mainly driven by 26% growth in the new segment, fintech and business services. The fintech and business services segment accounted for 26% of revenue, with financial technologies such as commercial payments and microloans contributing the majority of the revenue. Operating profit (which excludes interest income and other gains and losses, unlike reported operating profit) was up 10% year over year, with a 160-bas...
- Chelsey Tam
Slower Growth at Tencent in 1Q; We Expect Growth to Accelerate in the ...
For the first quarter of 2019, wide-moat Tencent’s revenue grew 16% year on year, mainly driven by 26% growth in the new segment, fintech and business services. The fintech and business services segment accounted for 26% of revenue, with financial technologies such as commercial payments and microloans contributing the majority of the revenue. Operating profit (which excludes interest income and other gains and losses, unlike reported operating profit) was up 10% year over year, with a 160-bas...
- Chelsey Tam
We Expect Tencent's Growth to Accelerate in the Rest of the Year
Tencent's revenue in the fourth quarter was up 28% year over year to CNY 85 billion while operating profit margin (excluding interest income and other net gains on our calculation) was 21%, up 9%. Net profit was down 32% or CNY 7.6 billion year over year to CNY 14 billion due to other net losses of CNY 2 billion versus other net gains of CNY 8 billion in the same period of 2017. The other net losses primarily consisted of a one-off expense related to the issuance of shares to strategic partners ...
- Chelsey Tam
Morningstar | Tencent's Investment in New Businesses Will Put Pressure...
We think Tencent has put more focus on cloud and advertising businesses following Tencent’s reorganization. Cloud and Smart Industries Group has been created as a standalone segment for its cloud business and enterprise-facing services such as smart retail. The advertising and sales department under Online Media Group and the social and performance advertising department under Corporate and Development Group (CDG) were merged to form Advertising and Marketing Services within CDG. AMS can provi...
- Chelsey Tam
Tencent's Investment in New Businesses Will Put Pressure on Its Near-T...
Tencent's revenue in the fourth quarter was up 28% year over year to CNY 85 billion while operating profit margin (excluding interest income and other net gains on our calculation) was 21%, up 9%. Net profit was down 32% or CNY 7.6 billion year over year to CNY 14 billion due to other net losses of CNY 2 billion versus other net gains of CNY 8 billion in the same period of 2017. The other net losses primarily consisted of a one-off expense related to the issuance of shares to strategic partners ...
- Chelsey Tam
Morningstar | Transformation to Industrial Internet Will Take Patience...
We think Tencent has put more focus on cloud and advertising businesses following Tencent’s reorganization. Cloud and Smart Industries Group has been created as a standalone segment for its cloud business and enterprise-facing services such as smart retail. The advertising and sales department under Online Media Group and the social and performance advertising department under Corporate and Development Group (CDG) were merged to form Advertising and Marketing Services within CDG. AMS can provi...
- Chelsey Tam
Transformation to Industrial Internet Will Take Patience for Tencent t...
Tencent's revenue in the fourth quarter was up 28% year over year to CNY 85 billion while operating profit margin (excluding interest income and other net gains on our calculation) was 21%, up 9%. Net profit was down 32% or CNY 7.6 billion year over year to CNY 14 billion due to other net losses of CNY 2 billion versus other net gains of CNY 8 billion in the same period of 2017. The other net losses primarily consisted of a one-off expense related to the issuance of shares to strategic partners ...
- Chelsey Tam
Morningstar | Wide-Moat Tencent's 4Q Net Profit Beats Our Estimate by ...
Tencent's revenue in the fourth quarter was up 28% year over year to CNY 85 billion while operating profit margin (excluding interest income and other net gains on our calculation) was 21%, up 9%. Net profit was down 32% or CNY 7.6 billion year over year to CNY 14 billion due to other net losses of CNY 2 billion versus other net gains of CNY 8 billion in the same period of 2017. The other net losses primarily consisted of a one-off expense related to the issuance of shares to strategic partners ...
- Chelsey Tam
Wide-Moat Tencent's 4Q Net Profit Beats Our Estimate by 2%
Tencent's revenue in the fourth quarter was up 28% year over year to CNY 85 billion while operating profit excluding interest income and other net gains was up 21%. Net profit was down 32% or CNY 7.6 billion year over year to CNY 14 billion due to other net losses of CNY 2 billion versus other net gains of CNY 8 billion in the same period of 2017. The other net losses primarily consisted of a one-off expense related to the issuance of shares to strategic partners (Spotify) of TME and impairment ...
- Chelsey Tam
Morningstar | Wide-Moat Tencent Remains Undervalued Despite Temporary ...
Wide-moat Internet giant Tencent has the largest social-networking platforms in China. Its two social-networking platforms Weixin/WeChat and QQ have monthly active user, or MAU, bases exceeding 1 billion and 803 million users, respectively (versus a Chinese population of 1.4 billion). Tencent monetises its social-networking platforms through selling in-game items, virtual items, premium service subscriptions, online advertising, payments, financial products, and others. The firm's strong distrib...
- Chelsey Tam
Wide-Moat Tencent Remains Undervalued Despite Temporary Headwind
We are reducing the fair value estimate of wide-moat Tencent to HKD 499 per share from HKD 590 per share and we continue to think Tencent is undervalued. We now expect a 10-year CAGR of 20% for operating profit, compared with 29% previously, and a 10-year CAGR of 19% for revenue versus 29% previously. The others revenue segment, which is mainly composed of payment and cloud, has slowed down faster than our expectations in recent quarters, leading to a 10% reduction in our 10-year others revenue ...
- Chelsey Tam
Morningstar | Tencent Remains a Strong Buy With a Fair Value Estimate...
We are reducing the fair value estimate of wide-moat Tencent to HKD 499 per share from HKD 590 per share and we continue to think Tencent is undervalued. We now expect a 10-year CAGR of 20% for operating profit, compared with 29% previously, and a 10-year CAGR of 19% for revenue versus 29% previously. The others revenue segment, which is mainly composed of payment and cloud, has slowed down faster than our expectations in recent quarters, leading to a 10% reduction in our 10-year others revenue ...
- Chelsey Tam
Morningstar | Tencent Remains a Strong Buy With a Fair Value Estimate ...
We are reducing the fair value estimate of wide-moat Tencent to HKD 499 per share from HKD 590 per share and we continue to think Tencent is undervalued. We now expect a 10-year CAGR of 20% for operating profit, compared with 29% previously, and a 10-year CAGR of 19% for revenue versus 29% previously. The others revenue segment, which is mainly composed of payment and cloud, has slowed down faster than our expectations in recent quarters, leading to a 10% reduction in our 10-year others revenue ...
- Chelsey Tam
Tencent Remains a Strong Buy With a Fair Value Estimate of HKD 499 per...
We are reducing the fair value estimate of wide-moat Tencent to HKD 499 per share from HKD 590 per share and we continue to think Tencent is undervalued. We now expect a 10-year CAGR of 20% for operating profit, compared with 29% previously, and a 10-year CAGR of 19% for revenue versus 29% previously. The others revenue segment, which is mainly composed of payment and cloud, has slowed down faster than our expectations in recent quarters, leading to a 10% reduction in our 10-year others revenue ...
- Chelsey Tam
Wide-Moat Tencent Still Has Many Monetization Opportunities
We remain positive on wide-moat-rated Tencent for its long-term growth outlook, but near-term uncertainty has risen because of the lack of visibility over the launches of new gaming titles. However, we had already factored in slower growth in 2018 due to the delays in approval for game monetization, and our earnings forecast is 10% below market consensus. We think the delay merely pushes off growth to 2019, when we expect game approvals to resume. Hence, we make little change to our key assumpti...
- Chelsey Tam
Morningstar | New Morningstar Analyst Report for Tencent Holdings Ltd
Wide-moat Internet giant Tencent has the largest social-networking platforms in China. Its two social-networking platforms Weixin/WeChat and QQ have monthly active user, or MAU, bases exceeding 1 billion and 803 million users, respectively (versus a Chinese population of 1.4 billion). Tencent monetises its social-networking platforms through selling in-game items, virtual items, premium service subscriptions, online advertising, payments, financial products, and others. The firm's strong distrib...
- Chelsey Tam
Chinese Internet giant Tencent is building an all-in-one platform.
We remain positive on wide-moat-rated Tencent for its long-term growth outlook, but near-term uncertainty has risen because of the lack of visibility over the launches of new gaming titles. However, we had already factored in slower growth in 2018 due to the delays in approval for game monetization, and our earnings forecast is 10% below market consensus. We think the delay merely pushes off growth to 2019, when we expect game approvals to resume. Hence, we make little change to our key assumpti...
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