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Silver Point

Thomas J. Monaco

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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

*4Q20 Results In Line:Tencent Holdings’ (700.HK) [Tencent] 4Q20 results were basically in line with consensus, with total revenues coming in at CNY 133.7 bn, increasing 7% linked quarter.  Non-GAAP operating profit amounted to CNY 38.1bn, flattish on a linked quarter basis; and *Elephant In The Room: According to Bloomberg, Tencent likely will be required to create a financial holding company for all of its banking, insurance, and payment services businesses – and be regulated along the lines of the banking sector. For Tencent, WeChat Pay and the broader lending/deposit taking business are likely to be reined-in.

*4Q20 Results In Line:Tencent Holdings’ (700.HK) [Tencent] 4Q20 results were basically in line with consensus, with total revenues coming in at CNY 133.7 bn, increasing 7% linked quarter.  Non-GAAP operating profit amounted to CNY 38.1bn, flattish on a linked quarter basis; and *Elephant In The Room: According to Bloomberg, Tencent likely will be required to create a financial holding company for all of its banking, insurance, and payment services businesses – and be regulated along the lines of the banking sector. For Tencent, WeChat Pay and the broader lending/deposit taking business are likely to be reined-in. 

Tencent

Tencent Holdings – Living By The Sword