External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

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<ul><li>Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn; non-IFRS operating profit grew by 19% YoY to RMB61.3bn, in line with our estimate of RMB61.4bn.</li><li>Looking ahead, we remain positive on earnings growth in 4Q24E driven by the acceleration in games revenue growth and resilient marketing business performance.</li><li>For the longer term, we expect improved ad monetization and e-commerce infrastructure development within the Weixin ecosystem to be the key earnings growth drivers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn; non-IFRS operating profit grew by 19% YoY to RMB61.3bn, in line with our estimate of RMB61.4bn.Looking ahead, we remain positive on earnings growth in 4Q24E driven by the acceleration in games revenue growth and resilient marketing business performance.For the longer term, we expect improved ad monetization and e-commerce infrastructure development within the Weixin ecosystem to be the key earnings growth drivers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - Higher Consumer Internet Revenue Contribution Boosted Margin

<ul><li>We are upbeat on Tencent 2H24 earnings growth outlook, supported by the reacceleration of games revenue growth and incremental revenue contribution from high-margin businesses (e.g. Video Account and Mini Games).</li><li>In the longer term, China’s potential policy stimulus to boost economic growth and consumption may benefit Tencent’s FBS (fintech and business services) and advertising businesses.</li><li>However, in 3Q24, overall consumption sentiment remains relatively soft and continues to weigh on Tencent’s fintech business. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are upbeat on Tencent 2H24 earnings growth outlook, supported by the reacceleration of games revenue growth and incremental revenue contribution from high-margin businesses (e.g. Video Account and Mini Games).In the longer term, China’s potential policy stimulus to boost economic growth and consumption may benefit Tencent’s FBS (fintech and business services) and advertising businesses.However, in 3Q24, overall consumption sentiment remains relatively soft and continues to weigh on Tencent’s fintech business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - Upbeat on Games Business and Earnings Growth Outlook

<ul><li>Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn; nonIFRS operating profit grew by 27% YoY to RMB58.4bn, largely in line with our estimate of RMB57.7bn; non-IFRS net income increased by 53% YoY to RMB57.3bn and was 17/18% ahead of our/consensus estimate, mainly due to the increase in share of profit of associates (+RMB6.6bn YoY).</li><li>Underpinned by strong growth in game gross receipt, we are upbeat on the revenue growth acceleration and earnings growth in 2H24.</li><li>E-commerce ecosystem development will support consumer internet revenue growth in mid-to-long term, while FBS revenue should bounce back as economic momentum recovers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn; nonIFRS operating profit grew by 27% YoY to RMB58.4bn, largely in line with our estimate of RMB57.7bn; non-IFRS net income increased by 53% YoY to RMB57.3bn and was 17/18% ahead of our/consensus estimate, mainly due to the increase in share of profit of associates (+RMB6.6bn YoY).Underpinned by strong growth in game gross receipt, we are upbeat on the revenue growth acceleration and earnings growth in 2H24.E-commerce ecosystem development will support consumer internet revenue growth in mid-to-long term, while FBS revenue should bounce back as economic momentum recovers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - Inline 2Q24 Results; Games Business to Drive Revenue Growth Acceleration in 2H24E

<ul><li>Underpinned by the recovering games business and solid ad performance, we expect Tencent to continue to deliver solid revenue and earnings growth, with total revenue/non-IFRS net income up by 8%/33% YoY to RMB160.9bn/49.2bn in 2Q24E (vs. consensus of RMB161.8bn/48.1bn).</li><li>DnF Mobile’s performance was ahead of market expectation after its launch in May, but we expect it to mainly drive 2H24E games revenue growth given its relatively long deferral period.</li><li>Ad business was resilient on strong Weixin ad performance, while fintech business remained under pressure in 2Q24 amid macro uncertainty, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Underpinned by the recovering games business and solid ad performance, we expect Tencent to continue to deliver solid revenue and earnings growth, with total revenue/non-IFRS net income up by 8%/33% YoY to RMB160.9bn/49.2bn in 2Q24E (vs. consensus of RMB161.8bn/48.1bn).DnF Mobile’s performance was ahead of market expectation after its launch in May, but we expect it to mainly drive 2H24E games revenue growth given its relatively long deferral period.Ad business was resilient on strong Weixin ad performance, while fintech business remained under pressure in 2Q24 amid macro uncertainty, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - Earnings Growth Stability Continues

<ul><li>Tencent announced 1Q24 results: total revenue increased by 6% YoY to RMB159.5bn, in line with our/consensus estimate; non-IFRS net income grew by 54% YoY to RMB50.3bn, 17/16% ahead of our/consensus estimate, as Tencent’s quality growth strategy drove better-than-expected GPM expansion (+7.1ppt YoY).</li><li>We expect the GPM expansion to continue in the rest of FY24, driven by the increased contribution from high-margin revenue streams such as Video Accounts (VA) and Mini Games.</li><li>The improving profitability should in turn support Tencent’s shareholder return. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent announced 1Q24 results: total revenue increased by 6% YoY to RMB159.5bn, in line with our/consensus estimate; non-IFRS net income grew by 54% YoY to RMB50.3bn, 17/16% ahead of our/consensus estimate, as Tencent’s quality growth strategy drove better-than-expected GPM expansion (+7.1ppt YoY).We expect the GPM expansion to continue in the rest of FY24, driven by the increased contribution from high-margin revenue streams such as Video Accounts (VA) and Mini Games.The improving profitability should in turn support Tencent’s shareholder return. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - Quality Growth Strategy Underpins Strong Earnings Growth

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Tencent (700 HK) - Higher Consumer Internet Revenue Contribution Boosted Margin

Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn

CMB International

Tencent (700 HK) - Upbeat on Games Business and Earnings Growth Outlook

We are upbeat on Tencent 2H24 earnings growth outlook, supported by the reacceleration of games revenue growth and incremental revenue contribution...

CMB International

Tencent (700 HK) - Inline 2Q24 Results; Games Business to Drive Revenue Growth Acceleration in 2H24E

Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn

CMB International

Tencent (700 HK) - Earnings Growth Stability Continues

Underpinned by the recovering games business and solid ad performance, we expect Tencent to continue to deliver solid revenue and earnings growth

CMB International

Tencent (700 HK) - Quality Growth Strategy Underpins Strong Earnings Growth

Tencent announced 1Q24 results: total revenue increased by 6% YoY to RMB159.5bn, in line with our/consensus estimate; non-IFRS net income grew by...

CMB International

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