China Market Update: Tencent Q3 Beats As Management Comments On Stimulus [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
Company Research
Source: Forbes
analysts' Q3 revenue expectations while beating on adjusted net income and adjusted EPS. The company's strong margins, profitability, and cash flow generation stand out. Results were driven by the strong year-on-year (YoY) growth of domestic game revenue +14% to RMB 37.3B versus international game revenue +9% YoY to RMB 14.5B. Marketing Services (formerly Online advertising) grew +17% to RMB 30B in a positive signal for the company but also for the Chinese economy. There is no reason to advertise if no one is buying. FinTech revenue grew +2% YoY to RMB 53.1B as “payment services revenues declined due to subdued consumption spending,” which led to a “decrease in payment revenue offset by increase in wealth management services revenue.” Lackluster mobile payments explain why we are skeptical of an Ant Group IPO. Great question from GS' internet analyst Ronald, who asked about the macro economy. Management was encouraged by the recent policy by the Chinese government to provide sti
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TCEHY
Earnings
- 5/15/24 - Beat
TCEHY
Analyst Actions
- 9/10/24 - New Street Research