Tencent (700 HK): Game Accelerating, But Others Slowing Down, Limited Upside
The growth rate of game continued to accelerate in 2Q20. However, game accounted for only 42% of total revenues. WeChat Advertising and WeChat Pay...
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Tencent - Untangling Trump
*Implications of Executive Order: On August 6, 2020, the Trump administration issued a pair of executive orders directed at mainland Chinese...
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Tencent Sets in Motion a Sensible Huya DouYu Merger
After much media speculation, Tencent Holdings (700 HK) finally showed its hand by proposing that HUYA Inc (HUYA US) and Douyu International...
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Huya and Douyu – Implications for Valuation From the Gross Margin Trend
As individual entities we were negative on Huya and Douyu due to poor marginal profitability arising from the need to compete for top streamers....
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The Week that Was in ASEAN@Smartkarma - Thailand's COVID, a Global Indofood, and a +ve for DBS
This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...
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