Tencent: Be Patient, Time Will Tell

By Bruce Liu We are more optimistic about Tencent’s Q2 results than the market. The bears may focus on the slowing growth, the tepid ads business outlook due to online education crackdown, and regulatory headwinds to the gaming business. We reckon most of these negativities have been priced in and weigh more on the sentiment than the fundamentals. First, although the regulatory headwinds are likely to persist, the real impact might be limited. 1) Teenage players only contribute a fraction of gam


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