Quick thoughts on $TCEHY, my second largest stock holding behind $TDOC 
Revenue growth is slowing a bit, 13,5% YoY.
Something slightly worrying is Fintech growing to a bigger chunck of the business. Easy target for a crackdown and this one could really hurt
Something slightly worrying is Fintech growing to a bigger chunck of the business. Easy target for a crackdown and this one could really hurt
Tencent still in the leading position in a lot of sectors in china and worldwide. This won't change in the foreseeable future imo.
Internation VAS growth outpacing chinese growth by a lot
$TCEHY expects a slowdown in Advertising growth for a few quarters. Crackdowns are forcing companies to tune down marketing
Fintech and Business services are doing well, I'd really love them to disclose Fintech and Business services individually. I wanna know how much B services are growing in particular.
Margins are pretty stable. Not much felt from the crackdowns (yet? )
Costs are rising faster than revenue, which isn't great to see. It's fine for R&D though.
The fair value of $TCEHY equity investments is $185 billion or 31% of Tencents marketcap.
Also a small buyback, not really worth mentioning. I would expect them to spend more with this price. They have ~$40 billion in cash right now.
Also a small buyback, not really worth mentioning. I would expect them to spend more with this price. They have ~$40 billion in cash right now.
Summary: I'm not loving what I'm seeing, somethings like advertising slowdown are not great to see, since its a high margin business. Overall they will be fine. Let's see how the regulations will work out going forward.
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