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Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is expected to release fourth quarter and full-year 2021 results on 23rd March 2022.</li>
<li>We expect fourth quarter 2021 earnings to be soft driven by slowdown in online advertising and online games revenues.</li>
<li>In our 3Q2021 earnings note, we highlighted that weakness in Tencent’s earnings have begun to show up and we expect further declines in 4Q2021E.</li>
</ul>



Tencent (700 HK) is expected to release fourth quarter and full-year 2021 results on 23rd March 2022.
We expect fourth quarter 2021 earnings to be soft driven by slowdown in online advertising and online games revenues.
In our 3Q2021 earnings note, we highlighted that weakness in Tencent’s earnings have begun to show up and we expect further declines in 4Q2021E.


Tencent: 4Q2021 Earnings to Soften with Decelerating Games Growth and Weak Ad Revenue