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Snippets from the Tencent Result

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Snippets from the Tencent Result

As regular readers will know, we believe that Tencent (HKEX: 700 HK) is a high-quality business. Here are some statistics from the recent third quarter result that lend weight to this view.

  • Combined monthly active users (MAUs) of Weixin and WeChat – two of Tencent’s online properties – were a staggering 1.15 billion, and this base of MAUs grew by 6.3 per cent year-over-year.
  • The Call of Duty Mobile game that Tencent co-developed with Activision Blizzard exceeded 100 million downloads within just one month of launch, making it one of the biggest ever smartphone game launches.
  • Tencent has more than 10 billion video views per day for its short videos.
  • The number of LiCaiTong users for Tencent’s wealth management platform more than doubled year-over-year.
  • Tencent’s cloud business had revenues of RMB 4.7 billion, and these grew an enormous 80 per cent year-over-year.

Despite its size, Tencent continues to power along and grow strongly, demonstrating the power of assembling an enormous user base and then using it to quickly scale up new products and services.

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George joined MGIM in September 2015 as a Research Analyst. Prior to joining MGIM, George was an investment analyst at Private Portfolio Managers where he covered global equities across various industries, using a value investing framework. George’s prior experiences include equities research and investment banking roles at both Citi and Greenhill & Co.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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