报告名称：Tencent(00700.HK)Mobile game re-accelerating; some margin erosion though
报告类型：港股研究
报告日期：2016-03-18
研究机构：摩根大通
股票名称：腾讯控股
股票代码：00700
页数：10
简介：Tencent proved again the sustainable vitality of its “social network.” As aconstantly re-inventing platform, the company not only re-accelerated mobilegaming revenues (Rmb7.1bn grossing; +72% YoY in 4Q; beating JPMe by 26%vs. 60% YoY in 3Q) through a replenished pipeline, but also started to bear fruitson new frontiers, such as monetization in mobile video and news apps (leading toa 14% beat in brand ad revenue), cloud computing and WeChat payment (otherrevs beat JPMe by 32%) around an ever enriching mobile ecosystem. We reiterateour view that Tencent is a key winner of materializing social mobile ads in Chinain 2016 with differentiated positioning of its core assets (Qzone/public accountstargeting SME/long-tail marketers while Moments hosting big advertisers).Meanwhile, we expect top-line strength somewhat offset by elevated S&Mactivities from more frequent game launches, user incubation for new products, aswell as investments in technology (e.g., data analytics). Maintain OW.

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