Tencent’s advertising and fintech services business grew against the headwinds under the economic downturn in China.
Tencent Holdings (Moody’s A1 stable / S&P A+ stable / Fitch A+ stable), China’s largest integrated internet service company, announced its third quarter financial report for this year. It achieved growth in its three major segments of gaming, advertising and fintech, resulting in an increase in revenue compared to the same period last year. However, due to higher R&D expenses, its profit declined compared to the same period last year. The main financial data summary is as follows:
· Revenue for the third quarter was RMB 154.6 billion, up 10% year-on-year.
· Profit for the third quarter was RMB 36.18 billion, down 9% year-on-year, but up 38% quarter-on-quarter.
· The company has good liquidity and low net debt ratio, with cash of about RMB 146.5 billion and short-term investments of about RMB 216 billion, totaling about RMB 362.5 billion, equivalent to 23% of total assets.
Under the sluggish economic conditions in China, internet services, which account for about 50% of Tencent’s revenue, still grew steadily by about 4%. Next, fintech and enterprise services, which account for about 30% of revenue, grew by about 16%. Moreover, online advertising business revenue, which is highly correlated with the economy, grew against the trend by about 20%. This shows that the impact of the past high-level supervision of large private enterprises by the Chinese government, which limited their growth, has gradually faded.
Secondary market trading
· TENCNT 2.39% 2030 bond recently traded near 5.80%, which has decreased by 55bps since the end of October.
· TENCNT 3.24% 2050 bond recently traded near 6.42%, which has decreased by 57bps since the end of October.
在中國景氣低迷情況下，騰訊的廣告與金融科技服務業務逆勢增長
中國最大的互聯網綜合服務公司騰訊控股（Moody‘s A1 穩定 / S&P A+ 穩定 / Fitch A+ 穩定）公布今年第三季財報，在遊戲、廣告和金融科技等三大部門均實現成長，使營收較去年同期成長，但由於研發支出增加，獲利較去年同期衰退。主要財報數據摘要如下：
· 第三季營收1546億人民幣，較去年同期成長10%。
· 第三季獲利361.82億人民幣，較去年同期下降9%，但較第二季回升38%。
· 公司流動性佳而淨債務比低，目前帳上有現金約1,465億人民幣與短期投資約2,160億，合計約3,625億人民幣，約當總資產的23%。
在中國景氣低迷情況下，占騰訊營收來源約五成的互聯網服務仍穩健增長約4%，其次為占營收來源約三成的金融科技企業服務成長約16%，而與景氣高度相關的線上廣告業務收入更逆勢增長約20%，顯示過去中國政府對大型民營企業高度監理，使其增長受限的影響逐漸消退。
次級市場交易狀況
· 騰訊（TENCNT）2.39% 2030年券目前收益率約5.80%，10月底至今走低55bps
· 騰訊（TENCNT）3.24% 2050年券目前收益率約6.42%，10月底至今走低57bpsb
Tencent’s advertising and fintech services business grew against the headwinds under the economic downturn in China 在中國景氣低迷情況下，騰訊的廣告與金融科技服務業務逆勢增長
