{"id":24712,"date":"2023-03-28T10:00:42","date_gmt":"2023-03-28T02:00:42","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/?post_type=market_trends&#038;p=24712"},"modified":"2023-03-29T13:42:48","modified_gmt":"2023-03-29T05:42:48","slug":"tencent-a-gateway-to-chinas-growth","status":"publish","type":"market_trends","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/market_trends\/tencent-a-gateway-to-chinas-growth\/","title":{"rendered":"Tencent: A Gateway to China&#8217;s Growth"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em><strong>By Eric Lee, Sales Director, Phillip Nova<\/strong><\/em><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Company Background<\/strong><\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Tencent is arguably the most influential internet firm in China as one can hardly go by a day without using its products. Tencent is the world&#8217;s largest video game vendor and owns the world&#8217;s top-grossing mobile game&#8211;Honor of Kings. Tencent also runs China&#8217;s largest social media super app&#8211;WeChat. The app is now part of the fabric of life for Chinese people who use it to chat, shop, watch videos, play games, order food and taxis, and more. Equally as impressive as its own portfolio, Tencent is also among the world&#8217;s largest venture capital and investment corporations. The firm is now one of the largest shareholders in leading tech companies like Meituan, JD, DiDi, Snap, PDD, Kuaishou, Epic Games, and more.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily-1024x618.png\" alt=\"\" class=\"wp-image-24713\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily-1024x618.png 1024w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily-300x181.png 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily-768x463.png 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily-1536x927.png 1536w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily-18x12.png 18w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-HKEXDaily.png 1737w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><em>Source: MT5 Platform<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Since China ditched its zero-Covid policy and cited its pro-economy stance, Tencent\u2019s share price had almost doubled from its low of $190 in November 2022 to high of $415 in January this year. Its share price had since corrected into a Bullish Flag formation and had just broken out today after it had reported a surprise profit growth, lifted by digital-ad recovery. Management had declared 2022 final dividend of HK$2.40 per share vs HK$1.60 per share in 2021. Since 2010, Tencent had increased its dividend payout by 24x.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Based on Bullish Flag projection, the target price for Tencent can be set at HK$520 and HK$330. It can be used as cut-loss level should its share price fail to appreciate but fall below it.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Valuation<\/strong><\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"682\" height=\"588\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Value-23Mar23.png\" alt=\"\" class=\"wp-image-24715\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Value-23Mar23.png 682w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Value-23Mar23-300x259.png 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Value-23Mar23-14x12.png 14w\" sizes=\"(max-width: 682px) 100vw, 682px\" \/><figcaption><em>Source: Gurufocus.com<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">GuruFocus set its valuation for Tencent at HK$520. Currently, its share price is trading at 30% discount to this valuation.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Analysts\u2019 Projection<\/strong><\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"926\" height=\"331\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Analyst-Estimate-23Mar23.jpg\" alt=\"\" class=\"wp-image-24716\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Analyst-Estimate-23Mar23.jpg 926w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Analyst-Estimate-23Mar23-300x107.jpg 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Analyst-Estimate-23Mar23-768x275.jpg 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-GF-Analyst-Estimate-23Mar23-18x6.jpg 18w\" sizes=\"(max-width: 926px) 100vw, 926px\" \/><figcaption> <em>Source: Gurufocus.com<\/em> <\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">There are some warning signs that investors should watch out for.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Efficiency had fallen as Tencent is growing its assets at a higher rate than its revenue growth over the past 5 years<\/li><li>Operating Margin and its Return-On-Invested-Capital had fallen because of the above<\/li><li>Its growth rate had fallen from the 5-Year average of 30% to down by 1%.<\/li><\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">No doubt, its slow-down in business is macro-driven, mainly due to China\u2019s zero-Covid and tech crack down policies. Hopefully, with the change in government\u2019s policy, Tencent can return its businesses back to growth-focus.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, as the table indicated, analysts had projected for Tencent to grow its revenue by 50% and to double its Earnings Per Share by FY2025.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Potential Catalyst<\/strong><\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"font-size-18 wp-block-paragraph\">Tide looks to be turning for China\u2019s tech giants when its recently reported in January that China\u2019s Cyberspace Administration had purchased \u201c<a href=\"https:\/\/www.reuters.com\/technology\/china-moving-take-golden-shares-alibaba-tencent-units-ft-2023-01-13\/\">Golden Shares<\/a>\u201d in Alibaba (9988) and its rumoured to have plans to do the same for Tencent (0700) as well.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cGolden Shares\u201d are shares that grant special voting rights and in this case, give the Chinese regulators a board seat in the tech giants. To the Western economies, this may seem like a negative to have government poking around their businesses. But in China context, this is good news as it aligned the interest of the Chinese government with the companies. Especially for Tencent, which require the regulators to grant them the licenses necessary for its businesses.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">This could be the potential catalyst to bring back investor confidence and drive its share price higher.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cycle Analysis<\/strong><\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"580\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23-1024x580.png\" alt=\"\" class=\"wp-image-24755\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23-1024x580.png 1024w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23-300x170.png 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23-768x435.png 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23-1536x869.png 1536w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23-18x10.png 18w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/Tencent-Cycle-Analysis-23Mar23.png 1901w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><em>Source: Timingsolutions.com<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Cycle analysis had shown that Tencent could potentially bottom in March 2023 and enter into a possible uptrend till July this year. The thing to note about cycle analysis is that it can point to us the potential peak and trough and the trend it is going on to next but it cannot inform us on the magnitude of the trend. To do that, we rely on Fundamental and Technical Analysis to set a target price and fair value for Tencent. Based on the information stated above, we can set its potential target level at around HK$500.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"618\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5-1024x618.jpg\" alt=\"\" class=\"wp-image-24756\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5-1024x618.jpg 1024w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5-300x181.jpg 300w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5-768x464.jpg 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5-1536x927.jpg 1536w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5-18x12.jpg 18w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2023\/03\/TENCENT-MT5.jpg 1741w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"font-size-18 wp-block-paragraph\">Tencent CFD is available for trading on the <a href=\"https:\/\/rebrand.ly\/ZOKMT5DemoReg\">Phillip MT5 trading account<\/a>.  If you would like to learn how to incorporate Phillip MT5&#8217;s plugin together with other tools like Fundamental and Cyclical Analysis to improve your trading experiences, please feel free to contact me to find out more. <\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"font-size-18 wp-block-paragraph\"><u><strong>Value-Added Service from Eric Lee<\/strong><\/u><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">My clients benefited from my services including investment advisories in unit trust and stocks, investment insights based on my personal knowledge and experiences navigating through the markets the past 20 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Where periodically, I will be sending out market analysis like this to my clients, as well as alerting them of support and resistance levels for the technical indicators which I am utilising on a chart. Click on the button at the bottom if you would like to arrange for a One-to-One Coaching session to learn more about trading futures, forex, stocks and more, and how you can benefit from the services I provide.<\/p>\n\n\n\n<div style=\"height:65px\" aria-hidden=\"true\" class=\"wp-block-spacer font-size-18\"><\/div>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div style=\"height:65px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598-825x1024.jpg\" alt=\"\" class=\"wp-image-12111\" width=\"211\" height=\"261\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598-825x1024.jpg 825w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598-242x300.jpg 242w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598-768x953.jpg 768w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598-1238x1536.jpg 1238w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598-10x12.jpg 10w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/wp-content\/uploads\/2021\/08\/AE-Eric-Lee_Photo-scaled-e1629294461598.jpg 1299w\" sizes=\"(max-width: 211px) 100vw, 211px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\">Eric Lee is a Sales Director with Phillip Nova. With expertise in Futures, Forex, Stocks, and Unit Trust, Eric makes an all-rounded advisor. Make informed trading decisions without spending time combing through endless information as Eric readily provides clients with trade alerts and insights via WhatsApp. Over his years of experience, Eric developed systematic strategies in trading and investing. Book a complimentary coaching session below to leverage on his expertise as he imparts his knowledge to enhance your trading journey.<\/p>\n\n\n\n<ul class=\"font-size-18 wp-block-list\"><li><a href=\"https:\/\/rebrand.ly\/ZOKMT5DemoReg\">Free Phillip MT5 Demo Account<\/a><\/li><li><a href=\"https:\/\/rebrand.ly\/ZOKNOVADemoReg\">Free Phillip Nova Demo Account<\/a><\/li><li><a href=\"https:\/\/bit.ly\/ZOK_128ANGPOW_OAO\">Open an account now<\/a><br><br>*T&amp;Cs apply, contact Eric below for more information.<\/li><\/ul>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-fill\"><a class=\"wp-block-button__link has-text-color has-background\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/1-1-coaching\/eric-lee\/\" style=\"background-color:#fba64d;color:#fffffa\" target=\"_blank\" rel=\"noreferrer noopener\">Click here for a free coaching session with Eric<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Eric Lee, Sales Director, Phillip Nova Company Background Tencent is arguably the most influential internet firm in China as one can hardly go by a day without using its products. Tencent is the world&#8217;s largest video game vendor and owns the world&#8217;s top-grossing mobile game&#8211;Honor of Kings. Tencent also runs China&#8217;s largest social media [&hellip;]<\/p>\n","protected":false},"featured_media":24758,"template":"","class_list":["post-24712","market_trends","type-market_trends","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tencent: A Gateway to China&#039;s Growth - Phillip Nova - Bringing global markets closer to you<\/title>\n<meta name=\"description\" content=\"Read this Market Trends article to learn how consumer confidence is putting a dampener on the GBPUSD and how to spot potential opportunities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.phillipnova.com.sg\/market_trends\/tencent-a-gateway-to-chinas-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tencent: A Gateway to China&#039;s Growth - 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