In today’s briefing:
- [Tencent (700 HK, BUY, TP HK$362) TP Change]: Core Business Is Robust While VA Is Expanding Fast
- Shifting Its Planned IPO from New York to London Won’t Address Key Risks Facing SHEIN
[Tencent (700 HK, BUY, TP HK$362) TP Change]: Core Business Is Robust While VA Is Expanding Fast
- We expect Tencent to report C4Q23 revenue, IFRS op. profit and IFRS net income in line, (3.3%) and (4.9%) vs. consensus.
- The robust topline growth was mainly contributed by fast growing WeChat VA (Video Account) and strong performances of <Dream Star> in December.
- We cut our TP to HK$362 to reflect operating margin decline caused by increased sales and marketing.
Shifting Its Planned IPO from New York to London Won’t Address Key Risks Facing SHEIN
- A listing in London would not remove de minimis reform risk in US market
- A new report quantifies the potential cost of changes to US de minimis rules
- Europe’s rigorous new ‘digital services’ laws are an emerging threat to SHEIN
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