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Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>New title approvals halved during 2021, yet overall industry games revenue grew by 3.4%y/y. 1H22 new games approvals are down a further 82%y/y, yet games revenue is down 1.8%.</li>
<li>Tencent has lost revenue market share to the overall Chinese online game software market, most notably to NetEase, this year.</li>
<li>Tencent’s paying gamer participation rate has dropped to levels last seen during 2018.</li>
</ul>


New title approvals halved during 2021, yet overall industry games revenue grew by 3.4%y/y. 1H22 new games approvals are down a further 82%y/y, yet games revenue is down 1.8%.
Tencent has lost revenue market share to the overall Chinese online game software market, most notably to NetEase, this year.
Tencent’s paying gamer participation rate has dropped to levels last seen during 2018.


Tencent: Domestic Game Approvals Over-Hyped as a Revenue Growth Driver