Tencent Music (TME): Lower Margin in 2Q2019, Overvalued as Always
The operating margin dropped to 15% in 2Q19 compared to 21% in 2Q18. We believe the price discount in broadcasting raised paying users and...
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NetEase (NTES): Slow Down? Operating Profits Up 49% YOY! 30% Upside
We believe investors should focus on margins, but not revenue growth. We believe EPS will increase by 65% in 2019 and 28% in 2020 due to the...
440 Views
Tencent: Underperformed Netease in Latest Import Game Approvals
Last Friday, the Chinese regulator published the fourth batch of approvals for game imports. In our previous note back in January this year, we...
406 Views
NetEase (NTES): Game Business Worth Upside of 28~40% and There Is E-Commerce
During the license suspension, NetEase showed the ability of developing new versions and contents based on the licensed games. The China Press...
665 Views
Sea Ltd (SE US): The Bear Case - A One-Hit Wonder?
Despite burning through $700mn in cash in 2018, investors decided to give another $1.3bn to Sea Ltd (SE US) . We believe investors should treat Sea...
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