Global-Ex-U.S. Equity Strategy: Add Exposure To Technology, Communications
We view weakness in global equity markets over the past week as correcting a significant amount of the excess optimism. We recommend taking...
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StubWorld: Naspers Embeds Another Layer Into Tencent
This week in StubWorld ... There is no apparent value enhancement to Naspers Ltd (NPN SJ)'s spinning-off and separately listing Tencent Holdings...
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Tencent (700 HK): The Worst Part Online Game Recovered in Q4 Before Restarting License Approval
The worst business, online game, recovered in 4Q2018, because small competitors died. The growth rate of game broadcast also bounced up in 4Q2018,...
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Tencent Music (TME): Problems Come from Corporate Clients and In-House Contents, 35% Downside
Stripping music subscription revenues, we find TME’s revenues from corporate clients are not stable. We believe in-house products will negatively...
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Tencent Music 4Q18 Quick Note - Growth on Track, Margins Could Drag - Stock Price Needs a Breather
Tencent Music Entertainment (TME US) reported its full year results today, post US market close. Revenue growth was slightly ahead of estimates as...
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