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Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*Competitor Sees 73% Upside:  A bulge bracket competitor recently published a table pounding note on the shares of Tencent Holdings (700.HK) [Tencent], which states that the shares are undervalued to the tune of 73%; and  *We Beg To Differ: Mainland China's crackdown on capital markets has rapidly expanded under the broad narrative of "financial stability". We have witnessed fines at Tencent, new user WeChat suspensions. Tencent may have to give up its exclusive music rights and possibly dispose of Kuwo and Kugou, and likely form of a financial holding company. The big table pounding report and a massive need for equity; this has all of the markings of the usual near-term gigantic capital raise.

*Competitor Sees 73% Upside:  A bulge bracket competitor recently published a table pounding note on the shares of Tencent Holdings (700.HK) [Tencent], which states that the shares are undervalued to the tune of 73%; and  *We Beg To Differ: Mainland China's crackdown on capital markets has rapidly expanded under the broad narrative of "financial stability". We have witnessed fines at Tencent, new user WeChat suspensions. Tencent may have to give up its exclusive music rights and possibly dispose of Kuwo and Kugou, and likely form of a financial holding company. The big table pounding report and a massive need for equity; this has all of the markings of the usual near-term gigantic capital raise.      

Tencent

Tencent Holdings - Bulge Bracket Bull