IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

14 years of experience in global investment research and trading. In relation to research, we focus on IPO, Event-driven and large-cap non-consensual ideas. In relation to trading, we focus on generating positive index-adjusted returns and have had several top-decile or top-quartile performances over the past three years. In terms of background, I have worked at several sell-side firms (JP, Redburn, Haitong, Mainfirst), won Starmine as top stock picker in European Food Retail in 2015 and have been voted top one to top-five by institutions and hedge funds.

IPO and L/S equity, 2015 Starmine top stock picker

Tencent (700 HK): Pandemic Spreading in China Again, Cancel Travel and Play Game

Tencent Bear Case: The Growth Illusion (Part 1)

Tencent: Digging into the Potentially Implausible DCF Valuation

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

<p>Tencent shares are down 6% YTD and we note the short-term risk/reward is a bit more balanced with moderation in consensus forecasts as well as reasonable headline consensus DCF. On the negative side, comps get much tougher for Tencent going forward and when taking into account the full extent of Tencent’s cash investments, we believe market participants continue to understate Tencent’s reinvestment rate.</p>

Tencent shares are down 6% YTD and we note the short-term risk/reward is a bit more balanced with moderation in consensus forecasts as well as reasonable headline consensus DCF. On the negative side, comps get much tougher for Tencent going forward and when taking into account the full extent of Tencent’s cash investments, we believe market participants continue to understate Tencent’s reinvestment rate.

Tencent – Is Short-Term Risk/Reward More Balanced?