saltybit Posted February 11, 2018 Author Share Posted February 11, 2018 Nice overview of Tencent in 2018 http://technode.com/2018/02/06/tencent-report-2018 Link to comment Share on other sites More sharing options...
Liberty Posted May 16, 2018 Share Posted May 16, 2018 Q1: https://www.tencent.com/en-us/articles/15000691526464720.pdf https://www.tencent.com/attachments/ResultsPresentation1Q18.pdf Link to comment Share on other sites More sharing options...
Gordon Gecko Posted May 17, 2018 Share Posted May 17, 2018 Crazy numbers Kinda wish they weren't putting money into TSLA and SNAP though... Link to comment Share on other sites More sharing options...
Liberty Posted July 9, 2018 Share Posted July 9, 2018 https://www.musicbusinessworldwide.com/its-official-tencent-music-entertainment-is-about-to-float-on-the-stock-exchange-in-the-us/ http://www.tencent.com/en-us/articles/13006461531045381.pdf IPO of music business coming. Also: https://variety.com/2018/gaming/news/tencent-wegame-hong-kong-1202868400/ Link to comment Share on other sites More sharing options...
Liberty Posted August 15, 2018 Share Posted August 15, 2018 Q2: http://www.tencent.com/en-us/articles/15000721534337610.pdf http://www.tencent.com/attachments/ResultsPresentation2Q18.pdf Link to comment Share on other sites More sharing options...
blainehodder Posted August 15, 2018 Share Posted August 15, 2018 Wow. Pretty ugly, but you have to think this is just a blip in the long run. Link to comment Share on other sites More sharing options...
chrispy Posted August 15, 2018 Share Posted August 15, 2018 The miss seems to be mostly attributal to the video game approval restructuring and delays. Link to comment Share on other sites More sharing options...
chrispy Posted August 16, 2018 Share Posted August 16, 2018 Liberty, what are your thoughts on the latest results? Have you come across any good content/commentary? Link to comment Share on other sites More sharing options...
Liberty Posted August 16, 2018 Share Posted August 16, 2018 Liberty, what are your thoughts on the latest results? Have you come across any good content/commentary? I haven't had time to read the transcript yet. Ben Thompson wrote about the results in his update today. Seems to be temporary issues with the games and a transition in how they monetize the payments. They also keep growing the non-game stuff, so over time the lumpiness of the games should go down. Link to comment Share on other sites More sharing options...
Studesy Posted August 31, 2018 Share Posted August 31, 2018 Tencent executive interview (translated) I came across... Worth a read. https://chinachannel.co/tencents-investment-strategies-revealed/ Link to comment Share on other sites More sharing options...
Lakesider Posted August 31, 2018 Share Posted August 31, 2018 https://www.bloomberg.com/news/articles/2018-08-30/china-to-control-number-of-new-online-games-for-children-s-eyes A pretty poor outcome. Link to comment Share on other sites More sharing options...
Nell-e Posted August 31, 2018 Share Posted August 31, 2018 https://www.bloomberg.com/news/articles/2018-08-30/china-to-control-number-of-new-online-games-for-children-s-eyes This reminds me of the advertising ban on cigarettes. It essentially wipes out competition from small players. Of course I don't live in China so I have no idea what enforcement will be like. Link to comment Share on other sites More sharing options...
Spekulatius Posted August 31, 2018 Share Posted August 31, 2018 https://www.bloomberg.com/news/articles/2018-08-30/china-to-control-number-of-new-online-games-for-children-s-eyes This reminds me of the advertising ban on cigarettes. It essentially wipes out competition from small players. Of course I don't live in China so I have no idea what enforcement will be like. When you look at the underlying root cause that the Chinese want to address (gaming addiction, especially with kids) I think we can guess that other measures are coming. The current hang up in game approvals is probably an aspect of the same issue. Link to comment Share on other sites More sharing options...
Zorrofan Posted August 31, 2018 Share Posted August 31, 2018 https://www.bloomberg.com/news/articles/2018-08-30/china-to-control-number-of-new-online-games-for-children-s-eyes This reminds me of the advertising ban on cigarettes. It essentially wipes out competition from small players. Of course I don't live in China so I have no idea what enforcement will be like. When you look at the underlying root cause that the Chinese want to address (gaming addiction, especially with kids) I think we can guess that other measures are coming. The current hang up in game approvals is probably an aspect of the same issue. Does this hurt Tencent or help them by making their existing games more valuable? i.e less competition from new games means people play existing games more? Will China start limiting peoples internet access (time wise)? Link to comment Share on other sites More sharing options...
chrispy Posted August 31, 2018 Share Posted August 31, 2018 This article from 2017 states that Tencent was already planning on implementing these controls: https://mobile-reuters-com.cdn.ampproject.org/v/s/mobile.reuters.com/article/amp/idUSKBN19O0K0?amp_js_v=a2&_gsa=1&usqp=mq331AQCCAE%3D#referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-tencent-games%2Ftencent-to-limit-play-time-for-children-amid-online-game-addiction-worries-idUSKBN19O0K0 Link to comment Share on other sites More sharing options...
fareastwarriors Posted September 5, 2018 Share Posted September 5, 2018 How WeChat became China’s everyday mobile app Tencent has frequently added innovations to WeChat, designed to drive growth and loyalty, the latest being mini programs https://www.scmp.com/tech/article/2159831/how-wechat-became-chinas-everyday-mobile-app#comments Link to comment Share on other sites More sharing options...
winjitsu Posted September 6, 2018 Share Posted September 6, 2018 How WeChat became China’s everyday mobile app Tencent has frequently added innovations to WeChat, designed to drive growth and loyalty, the latest being mini programs https://www.scmp.com/tech/article/2159831/how-wechat-became-chinas-everyday-mobile-app#comments Pretty sure the mini-programs have been around forever. You've been able to hail a rideshare car, pay bills, buy train tickets etc for a long time Link to comment Share on other sites More sharing options...
chrispy Posted September 6, 2018 Share Posted September 6, 2018 Has there been any more news on when Chinese residents will be able to buy ADR/CDRs? Link to comment Share on other sites More sharing options...
blainehodder Posted September 6, 2018 Share Posted September 6, 2018 Has there been any more news on when Chinese residents will be able to buy ADR/CDRs? Richard Liu said about one month ago that he expects the government to move slowly. It sounded like it could be easily more than a year away. I cant remember what interview it was, but it is on youtube. Link to comment Share on other sites More sharing options...
peterHK Posted September 19, 2018 Share Posted September 19, 2018 This is starting to look cheap here. 30x earnings, but those earnings are growing 30%+ a year and you're buying one of the two companies that control the top of the tech funnel in China and arguably have the option value of shaping that industry for years to come (ie you partner with BABA/Tencent, or they kill you). WeChat is underearning, high ROIC business. Additionally, unlike BABA, 90% of their activity goes through the listco, and their CEO doesn't steal from western investors, so when you buy the ADR/VIE structure it's significantly better than BABA's version. They also have a good track record of taking things public rather than just holding them at 2x their value on the balance sheet like BABA does. Link to comment Share on other sites More sharing options...
pcm983 Posted September 19, 2018 Share Posted September 19, 2018 any thoughts on tencent music downsizing ipo? doesnt bode well in my mind Link to comment Share on other sites More sharing options...
cameronfen Posted September 19, 2018 Share Posted September 19, 2018 you should probably still by through Naspers ya? I haven't checked the relative value in a while. Link to comment Share on other sites More sharing options...
Lakesider Posted September 19, 2018 Share Posted September 19, 2018 The Naspers Tencent discount has fallen considerably since start of the year. Still a discount though, and the quality of naspers other businesses is growing. Naspers still talking about spinning off smaller units which is a positive. Claiming that their size relative to the JSE forcing domestic investors to sell. Link to comment Share on other sites More sharing options...
zhengmit Posted September 20, 2018 Share Posted September 20, 2018 Sure, Tencent is starting to look cheap, but maybe still more than 50% of profits come from gaming. I realize that it has a dominant position in gaming but still feel a bit chicken to buy this business at high multiple. WeChat is fantastic but it is almost 10 years (people start to feel tired of it), and tech cycle is typically 10 years. Any thoughts? Link to comment Share on other sites More sharing options...
Jerry Capital Posted September 20, 2018 Share Posted September 20, 2018 Gaming is one of the best businesses ever. Software like economics + Tobacco like addiction. And you're allowed to advertise. Imagine people loved opening up Microsoft Word and playing with it? That's gaming... and Office by itself is a great business. Link to comment Share on other sites More sharing options...
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