Reaffirming Tencent’s FVE at HKD 641 Per Share; Substantial Long-Term Monetization Intact
Wide-moat Tencent Holdings Ltd (700 HK) reported first-quarter results that beat our expectations and consensus. We think revenue in the quarter is...
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Demonstration ESports Chosen for Jakarta 2018 - Readthrough for Beijing 2022, Paris 2024
The Asian Esports Federation (AeSF) has announced that the following eSports have been selected as demonstration games at this year’s Asian...
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Tencent (700 HK) – Investment Gains Not Sustainable, Reached Our Target, Upgrade to HOLD
The stock price has touched and is close to our last target. Upgrade to HOLD. All “BAT” have spent significantly on investee companies, but...
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Sea Ltd: Is Shopee Turning the Corner?
Conference call indicates that, by raising its adjusted revenue guidance, management of Sea Ltd (SE US) is more bullish. The reality check is that...
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IQIYI: Falling Further Behind Tencent Video
Comparing iQIYI Inc (IQ US) to its key competitor, Tencent Video, is increasingly possible due to regular quarterly disclosure of certain financial...
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