In spite of a moderating pace in the growth of internet users and a traditional low season for online gaming in China, Tencent's 2Q revenues increased 56.2% over the same period in 2011.
Internet value-added services (IVAS) remained the main contributor and accounted for 74% of total revenue, and online gaming revenue -- which is booked under IVAS, -- rose 53% year on year due to increased total users and higher ARPU, as well as contribution from international markets.
During 2Q, EBITDA margin contracted to 41.1% from 47% a year ago, mainly due to the rise in operating expenses for new products and new initiatives; but still within Moody's expectations.
At the same time, 2Q EBITDA rose 36.6% from 2Q 2011 and adjusted Debt/ EBITDA for the last 12 months was strong at around 0.5x.
With various new game titles are approaching launch, Moody's expects Tencent to partially moderate margin pressure through a gradual rise in gaming ARPU and the growth of user accounts.
Meanwhile, Tencent maintains its leading position in China's social networking services (SNS) and instant messaging (IM) market; its active IM user accounts rose 12% year-on-year to 784 million as of June 2012. Its leading position in SNS and IM provides it with the ability to grow online advertising revenue, which rose a remarkable 72% during the first half of 2012 despite the Mainland's slowing economy.
Revenue from e-commerce transactions grew steadily and accounted for 8.1% of total revenue in 2Q. E-commerce has been identified by management as a focus of further expansion. Moody's expects its e-commerce investments will proceed in a prudent manner and will not substantially weaken the company's financial strength.
Tencent's financial position remains strong, supported by its ample cash on hand of RMB 27.6 billion, including over RMB 17 billion in term deposits. This amount covers well its total outstanding debt of RMB 8.3 billion; including short-term debt of RMB 3.6 billion.
Moody's expects Tencent's adjusted debt/EBITDA to be around 1.0x and to maintain its sound liquidity position over the next 1-2 years, underpinned by its strong operating profitability and steady growth in revenue.
Tencent is one of the largest providers of internet services, operating leading social networking services (SNS), online portals and online game platforms in China. It owns the largest instant messaging (IM) community, and offers various community value-added services on its internet platform (approximately 784 million active IM user accounts as of June 2012) and mobile platform (approximately 9% of total revenue in first half 2012).
Tencent is the largest player in the Chinese online game segments by revenue. It generated RMB 35.6 billion ($5.5 billion) of revenue and RMB16.3 billion ($2.5 billion) of adjusted EBITDA in the 12 months to June 2012. Tencent is approximately 34% owned by Naspers Limited (Baa3/stable).
Jonathan Chien Tsung Lee Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Gary Lau MD - Corporate Finance Corporate Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.
All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.
MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."
Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.
Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.
This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.
Nachrichten zu Tencent Holdings Ltd
- vom Unternehmen
- Peer Group
Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:
Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören
Analysen zu Tencent Holdings Ltd
|11.11.2011||Tencent underperform||Macquarie Research|
|10.11.2011||Tencent kaufen||Der Aktionär|
|10.11.2011||Tencent kaufen||Der Aktionär|
|14.07.2011||Tencent kaufen||Asia Investor|
|21.06.2011||Tencent kaufen||Asia Investor|
|10.02.2011||Tencent kaufen||Der Aktionär|
|Keine Nachrichten im Zeitraum eines Jahres in dieser Kategorie verfügbar.|
Eventuell finden Sie Nachrichten die älter als ein Jahr sind im Archiv
|11.11.2011||Tencent underperform||Macquarie Research|
|12.08.2011||Tencent underperform||Macquarie Research|
Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
Mehr zur Tencent-Aktie
Heute im Fokus
Fiat Chrysler hebt Geschäftsaussichten erneut an. VW gibt Milliarden für Forschung aus. DuPont auf Wachstumskurs - Prognose erneut erhöht. Niederlande testen bedingungslose Sozialhilfe. Monte dei Paschi-Aktie schießt hoch: Sparprogramm kommt gut an. ifo-Geschäftsklimaindex hellt sich überraschend auf. Novartis erleidet Gewinnrückgang wegen Generika-Konkurrenz.