Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul>
<li>Microsoft's China AI teams relocate due to US rules, focusing on Wi-Fi 7 development for improved connectivity and performance.</li>
<li>Amazon's stake in Alchip suggests potential synergy in AI tech and expanded market reach, while Kymco launches eco-friendly e-scooter.</li>
<li>Tencent Cloud partners with BRI and Hi Cloud Indo for banking innovation, while Veolia opens first regeneration plant in China for sustainable water treatment. Tron Future secures funding for counter-drone tech.</li>
</ul>


Microsoft's China AI teams relocate due to US rules, focusing on Wi-Fi 7 development for improved connectivity and performance.
Amazon's stake in Alchip suggests potential synergy in AI tech and expanded market reach, while Kymco launches eco-friendly e-scooter.
Tencent Cloud partners with BRI and Hi Cloud Indo for banking innovation, while Veolia opens first regeneration plant in China for sustainable water treatment. Tron Future secures funding for counter-drone tech.


Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

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.

News from Caixin

<ul><li>Tencent Holdings Ltd. (腾讯) reported weaker-than-expected results in the fourth quarter of 2023, as the Chinese internet behemoth faced challenges growing its gaming business, particularly in China’s domestic market.</li><li>During the three-month period, Hong Kong-listed Tencent generated 155.2 billion yuan ($21.9 billion) in revenue, up 7% from 2022, according to its earnings report released Wednesday. That missed the average estimate of 157.4 billion yuan by analysts surveyed by Bloomberg.</li><li>Quarterly net profit also fell short of expectations, down 75% year-on-year at 27 billion yuan, compared to average analysts’ predictions of 33.3 billion yuan.</li></ul>

Tencent Holdings Ltd. (腾讯) reported weaker-than-expected results in the fourth quarter of 2023, as the Chinese internet behemoth faced challenges growing its gaming business, particularly in China’s domestic market.During the three-month period, Hong Kong-listed Tencent generated 155.2 billion yuan ($21.9 billion) in revenue, up 7% from 2022, according to its earnings report released Wednesday. That missed the average estimate of 157.4 billion yuan by analysts surveyed by Bloomberg.Quarterly net profit also fell short of expectations, down 75% year-on-year at 27 billion yuan, compared to average analysts’ predictions of 33.3 billion yuan.

Tencent Posts Weaker Quarterly Results Amid Gaming Challenges 

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.

<ul><li>Tencent reported 3Q23 financial results on 15 Nov: total revenue grew 10% YoY to RMB154.6bn, inline with our/consensus estimate.</li><li>Non-IFRS net income grew by 39% YoY to RMB44.9bn in 3Q23, beating our/consensus estimate by 11/12%, mainly due to the solid GPM expansion across business lines.</li><li>3Q23 GPM expanded by 5.2ppt YoY to 49.5% (vs. consensus’ 47.5%) on the strong operating leverage and incremental revenue from higher-margin innovative businesses (i.e. Mini Games and Video Accounts etc). </li></ul>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 reported 3Q23 financial results on 15 Nov: total revenue grew 10% YoY to RMB154.6bn, inline with our/consensus estimate.Non-IFRS net income grew by 39% YoY to RMB44.9bn in 3Q23, beating our/consensus estimate by 11/12%, mainly due to the solid GPM expansion across business lines.3Q23 GPM expanded by 5.2ppt YoY to 49.5% (vs. consensus’ 47.5%) on the strong operating leverage and incremental revenue from higher-margin innovative businesses (i.e. Mini Games and Video Accounts etc). 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) – 3Q23 Earnings Beat on Strong Operating Leverage and Business Innovation

<ul><li>Tencent will report 3Q23 financial results on 15 Nov.</li><li>We expect 3Q23 total revenue/adjusted net income to grow by 10/26% YoY to RMB153.5/40.6bn (consensus estimates: RMB155.5/39.8bn). For 3Q23E, we forecast games/ads/fintech &amp; business services (FBS) revenue to grow by 7/23/12% YoY.</li><li>Supported by operating leverage improvement from its consumer internet business segments, Tencent is able to deliver solid earnings growth amid macro headwinds. </li></ul>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 will report 3Q23 financial results on 15 Nov.We expect 3Q23 total revenue/adjusted net income to grow by 10/26% YoY to RMB153.5/40.6bn (consensus estimates: RMB155.5/39.8bn). For 3Q23E, we forecast games/ads/fintech &amp; business services (FBS) revenue to grow by 7/23/12% YoY.Supported by operating leverage improvement from its consumer internet business segments, Tencent is able to deliver solid earnings growth amid macro headwinds. 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) – Expect Steady 3Q23 Despite Macro Uncertainty

<ul><li>Tencent announced 2Q23 results on 16 Aug: total revenue grew by 11% YoY to RMB149.2bn, in line with CMBI/consensus estimate.</li><li>Non-IFRS net income increased by 33% YoY to RMB37.5bn in 2Q23, beating CMBI/consensus estimate by 7/13%, mainly due to 1) better-than-expected ad revenue growth (+34% YoY); and 2) FBS/ad business GPM expansion (+5.1/8.3ppt YoY).</li><li>Tencent’s investments in Video Account, international games and business services continue to bear fruit, reaccelerating higher margin business segments growth and unleashing operating leverage. </li></ul>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 announced 2Q23 results on 16 Aug: total revenue grew by 11% YoY to RMB149.2bn, in line with CMBI/consensus estimate.Non-IFRS net income increased by 33% YoY to RMB37.5bn in 2Q23, beating CMBI/consensus estimate by 7/13%, mainly due to 1) better-than-expected ad revenue growth (+34% YoY); and 2) FBS/ad business GPM expansion (+5.1/8.3ppt YoY).Tencent’s investments in Video Account, international games and business services continue to bear fruit, reaccelerating higher margin business segments growth and unleashing operating leverage. 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) – Solid earnings growth on GPM expansion

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 (700 HK)

Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

Microsoft AI teams relocating, Wi-Fi 7 advancements, Amazon's stake in Alchip, Kymco e-scooter launch, Tencent Cloud partnership, Veolia's...

Tech Supply Chain Tracker

Tencent Posts Weaker Quarterly Results Amid Gaming Challenges

Tencent Holdings Ltd. (腾讯) reported weaker-than-expected results in the fourth quarter of 2023, as the Chinese internet behemoth faced challenges...

Caixin Global

Tencent (700 HK) – 3Q23 Earnings Beat on Strong Operating Leverage and Business Innovation

Tencent reported 3Q23 financial results on 15 Nov: total revenue grew 10% YoY to RMB154.6bn, inline with our/consensus estimate.

CMB International

Tencent (700 HK) – Expect Steady 3Q23 Despite Macro Uncertainty

Supported by operating leverage improvement from its consumer internet business segments, Tencent is able to deliver solid earnings growth amid...

CMB International

Tencent (700 HK) – Solid earnings growth on GPM expansion

Tencent announced 2Q23 results on 16 Aug: total revenue grew by 11% YoY to RMB149.2bn, in line with CMBI/consensus estimate.

CMB International

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