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.

Equity Bottom-Up

<div><div><div><div><ul><li>We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from opening-up in Dec 2022.</li><li>We slightly adjust FY22/4Q22E total revenue forecast down by 1/3%; but remain positive on the revenue recovery trajectory in FY23/24E, due to consumption recovery which should benefit Tencent’s consumer internet business, incremental contribution from Video Account monetization, and quality games pipeline.</li><li>We raise FY23/24E non-IFRS net income forecast by 1/2%, reflecting improved outlook of high-margin gaming and ad businesses, which should lead to better GPM in FY23/FY24E. </li></ul></div></div></div></div><p><em>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.</em></p>

We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from opening-up in Dec 2022.We slightly adjust FY22/4Q22E total revenue forecast down by 1/3%; but remain positive on the revenue recovery trajectory in FY23/24E, due to consumption recovery which should benefit Tencent’s consumer internet business, incremental contribution from Video Account monetization, and quality games pipeline.We raise FY23/24E non-IFRS net income forecast by 1/2%, reflecting improved outlook of high-margin gaming and ad businesses, which should lead to better GPM in FY23/FY24E. 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) – What next to look forward to?

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li><p>Minerals / Cover Story: China’s hunt for strategic new-energy minerals</p></li><li><p>Covid-19 / China’s localities spent hundreds of billions of yuan on pandemic</p></li><li><p>Bonds / Chinese real estate companies test offshore bond markets</p></li></ul>

Minerals / Cover Story: China’s hunt for strategic new-energy mineralsCovid-19 / China’s localities spent hundreds of billions of yuan on pandemicBonds / Chinese real estate companies test offshore bond markets

CX Daily: China’s Hunt for Strategic New Energy Minerals

Thematic (Sector/Industry)

<ul><li>China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many months</li><li>January’s licenses are an upbeat sign from the NPPA, which follows regulatory signals in July that the permit process would be streamlined after years of uncertainty. </li><li><p>Games must have a license from the regulator before they can enter the market. Typically handed out monthly, licenses were issued just seven times last year after an eight-month freeze that ended in April.</p></li></ul>

China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many monthsJanuary’s licenses are an upbeat sign from the NPPA, which follows regulatory signals in July that the permit process would be streamlined after years of uncertainty. Games must have a license from the regulator before they can enter the market. Typically handed out monthly, licenses were issued just seven times last year after an eight-month freeze that ended in April.

China’s Video Game Regulator Issues Fresh Licenses in Positive Sign for Recovering Industry

<ul><li><p>Lithium / In Depth: Lithium tops out.  </p></li><li><p>Davos / ‘China’s door to the outside will only open wider,’ Vice Premier Liu He says. </p></li><li><p>FDI / Charts of the Day: China’s FDI growth slowed but ‘steady’ in 2022. </p></li></ul>

Lithium / In Depth: Lithium tops out.  Davos / ‘China’s door to the outside will only open wider,’ Vice Premier Liu He says. FDI / Charts of the Day: China’s FDI growth slowed but ‘steady’ in 2022. 

<ul><li>The NPPA released this year’s first batch of domestic game licenses on 17 January.</li><li>88 new games were approved and 24 legacy games received approval for changes of operation.</li><li>This is the highest number of domestic game license approved since the resumption of license approval in Apr 2022, showing further normalizing trend for game licenses approval. </li></ul><p><em>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.</em></p>

The NPPA released this year’s first batch of domestic game licenses on 17 January.88 new games were approved and 24 legacy games received approval for changes of operation.This is the highest number of domestic game license approved since the resumption of license approval in Apr 2022, showing further normalizing trend for game licenses approval. 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.

China Internet – Game license approval further normalises

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

East Money Information Co., Ltd. operates online financial information platform.  The Company's products include internet advertising and financial data.

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

Hithink RoyalFlush Information Network Co Ltd provides online financial data, data analysis software, and other financial software system.

Hithink RoyalFlush Information Network (300033 CH)

People.cn Company Limited mainly engages in internet advertising, information services, mobile value-added and technical services. The Company's main products include original messages, government information services, public opinion research and consulting, mobile news, and ISP services.

Autohome Inc is an online destination for automobile consumers in China.  The Company delivers comprehensive, independent and interactive content to automobile buyers and owners.

Wangsu Science & Technology Co., Ltd. provides online business solutions in China. The Company also provides Content Delivery Network (CDN), and Internet Data Centers (IDC).

Shanghai Wangsu Science & Technology Co (300017 CH)

Beijing Sinnet Technology Company Limited provides customers with broadband access services, IDC and its value-added services, and other internet integrated services. The Company's core business are broadband access services, IDC and its value-added services.

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

INESA Intelligent Tech Inc. operates in the IT industry. The Company designs and manages cloud servers and big data applications for businesses. INESA Intelligent also manufactures electronic components.

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

VeriSign Inc provides domain names and Internet security, enabling the world to connect online with reliability and confidence, anytime, anywhere. The Company ensures the security, stability and resiliency of key Internet infrastructure including the .com and .net top-level domains among others. VeriSign also offers intelligence-driven security services.

GoDaddy, Inc. provides a cloud-based web platform for small businesses, web design professionals and individuals. The Company's platform provides applications that help them connect to their customers, manage their businesses and get found online.

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

CoStar Group Inc. provides building-specific information to the United States commercial real estate industry and related industries. The Company's database details office and industrial space. The database provides digitized photographs and floor plan images on individual commercial buildings in the company's markets.

Yandex NV operates an Internet website in Russia.  The Company's website offers an Internet search engine, news, shopping information, blogs, photographs and videos.  Yandex earns its revenues from online advertising.

SPS Commerce Inc provides on-demand supply chain management solutions through an online hosted software suite.  The Company uses pre-built integrations to eliminate on-premise software and support staff to shorten supply cycle times, optimize inventory levels and reduce costs.

Akamai Technologies, Inc. provides services for accelerating and improving the delivery of content and applications over the Internet; ranging from live and on-demand streaming video capabilities to conventional content on websites, to tools that help people transact business and reach out to new and existing customers.

NEXTDC Ltd. develops data centers. The Company develops and operates carrier and systems integrator neutral data centers in Australia. NEXTDC's customers will also be able to use the data centers as connectivity and content hubs.

AppFolio, Inc. provides cloud-based software solutions. The Company offers a cloud-based property management software that allows apartment and residential property managers to market, manage, and grow their business. AppFolio conducts business in the United States.

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 (700 HK)

Tencent (700 HK) – What next to look forward to?

We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from...

CMB International

CX Daily: China’s Hunt for Strategic New Energy Minerals

Cover Story: China’s hunt for strategic new-energy minerals. China’s localities spent hundreds of billions of yuan on pandemic. Chinese real estate...

Caixin Global

China’s Video Game Regulator Issues Fresh Licenses in Positive Sign for Recovering Industry

China’s game licensing regulator green-lit a fresh batch of titles for market for the third time in as many months. January’s licenses are an...

Caixin Global

CX Daily: Lithium Tops Out

In Depth: Lithium tops out. ‘China’s door to the outside will only open wider,’ Vice Premier Liu He says. Charts of the Day: China’s FDI growth...

Caixin Global

China Internet – Game license approval further normalises

The NPPA released this year’s first batch of domestic game licenses on 17 January. 88 new games were approved and 24 legacy games received approval...

CMB International

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