Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

<ul><li><p>Sperm / In Depth: Why a sperm bank drive is fueling fears of infertility in China</p></li><li><p>Imprisonment / Chinese man exonerated after record 29 years of wrongful imprisonment</p></li><li><p>Covid-19 / China clears first homegrown mRNA Covid vaccine</p></li></ul>

Sperm / In Depth: Why a sperm bank drive is fueling fears of infertility in ChinaImprisonment / Chinese man exonerated after record 29 years of wrongful imprisonmentCovid-19 / China clears first homegrown mRNA Covid vaccine

CX Daily: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Tencent reported 4Q22 results on 22 March: total revenue grew by 1% YoY to RMB145bn, inline with consensus/CMBI estimates.</li><li>FY22 total revenue declined 1% YoY to RMB554.6bn. Non-IFRS net income grew by 19% YoY to RMB29.7bn in 4Q22, versus consensus/CMBI estimate of RMB30.8/30.2bn.</li><li>The earnings growth was mainly due to enhanced operating efficiency and lowbase effect. Full-year non-IFRS net income was down 7% YoY to RMB115.6bn in FY22. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tencent reported 4Q22 results on 22 March: total revenue grew by 1% YoY to RMB145bn, inline with consensus/CMBI estimates.FY22 total revenue declined 1% YoY to RMB554.6bn. Non-IFRS net income grew by 19% YoY to RMB29.7bn in 4Q22, versus consensus/CMBI estimate of RMB30.8/30.2bn.The earnings growth was mainly due to enhanced operating efficiency and lowbase effect. Full-year non-IFRS net income was down 7% YoY to RMB115.6bn in FY22. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent  (700 HK) – Steady ship and aim for sustainable growth

<ul><li><p>Uncertainty undermines prospects of China’s homegrown Covid antivirals</p></li><li><p>China vows to get tough on online crimes behind cyberbullying</p></li><li><p>Officials face steep pay cuts under China’s financial regulatory overhaul</p></li></ul>

Uncertainty undermines prospects of China’s homegrown Covid antiviralsChina vows to get tough on online crimes behind cyberbullyingOfficials face steep pay cuts under China’s financial regulatory overhaul

CX Daily: Uncertainty Undermines Prospects of China’s Homegrown Covid Antivirals

<div><div><div><div><ul><li>We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from opening-up in Dec 2022.</li><li>We slightly adjust FY22/4Q22E total revenue forecast down by 1/3%; but remain positive on the revenue recovery trajectory in FY23/24E, due to consumption recovery which should benefit Tencent’s consumer internet business, incremental contribution from Video Account monetization, and quality games pipeline.</li><li>We raise FY23/24E non-IFRS net income forecast by 1/2%, reflecting improved outlook of high-margin gaming and ad businesses, which should lead to better GPM in FY23/FY24E. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from opening-up in Dec 2022.We slightly adjust FY22/4Q22E total revenue forecast down by 1/3%; but remain positive on the revenue recovery trajectory in FY23/24E, due to consumption recovery which should benefit Tencent’s consumer internet business, incremental contribution from Video Account monetization, and quality games pipeline.We raise FY23/24E non-IFRS net income forecast by 1/2%, reflecting improved outlook of high-margin gaming and ad businesses, which should lead to better GPM in FY23/FY24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent  (700 HK) – What next to look forward to?

<ul><li><p>Minerals / Cover Story: China’s hunt for strategic new-energy minerals</p></li><li><p>Covid-19 / China’s localities spent hundreds of billions of yuan on pandemic</p></li><li><p>Bonds / Chinese real estate companies test offshore bond markets</p></li></ul>

Minerals / Cover Story: China’s hunt for strategic new-energy mineralsCovid-19 / China’s localities spent hundreds of billions of yuan on pandemicBonds / Chinese real estate companies test offshore bond markets

CX Daily: China’s Hunt for Strategic New Energy Minerals

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

CX Daily: Why a Sperm Bank Drive Is Fueling Fears of Infertility in China

In Depth: Why a sperm bank drive is fueling fears of infertility in China. Chinese man exonerated after record 29 years of wrongful imprisonment....

Caixin Global

Tencent (700 HK) – Steady ship and aim for sustainable growth

Tencent reported 4Q22 results on 22 March: total revenue grew by 1% YoY to RMB145bn, inline with consensus/CMBI estimates.

CMB International

CX Daily: Uncertainty Undermines Prospects of China’s Homegrown Covid Antivirals

Uncertainty undermines prospects of China’s homegrown Covid antivirals. China vows to get tough on online crimes behind cyberbullying.

Caixin Global

Tencent (700 HK) – What next to look forward to?

We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from...

CMB International

CX Daily: China’s Hunt for Strategic New Energy Minerals

Cover Story: China’s hunt for strategic new-energy minerals. China’s localities spent hundreds of billions of yuan on pandemic. Chinese real estate...

Caixin Global

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