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<!DOCTYPE html>
<html lang="en">
<head>
<meta http-equiv="content-type" content="text/html; charset=UTF-8">
<meta charset="utf-8">
<title>100% Height Fixed Sidebar + Content Area</title>
<meta name="generator" content="Bootply" />
<meta name="viewport" content="width=device-width, initial-scale=1, maximum-scale=1">
<link href="css/bootstrap.min.css" rel="stylesheet">
<link href="js/TangleKit/TangleKit.css" rel="stylesheet">
<link rel="stylesheet" href="//cdnjs.cloudflare.com/ajax/libs/bootstrap-table/1.5.0/bootstrap-table.min.css">
<!--[if lt IE 9]>
<script src="//html5shim.googlecode.com/svn/trunk/html5.js"></script>
<![endif]-->
<link href="css/styles.css" rel="stylesheet">
</head>
<body>
<div id="header" class="navbar navbar-default navbar-fixed-top">
<div class="navbar-header">
<button class="navbar-toggle collapsed" type="button" data-toggle="collapse" data-target=".navbar-collapse">
<i class="icon-reorder"></i>
</button>
<a class="navbar-brand" href="#">
Brand
</a>
</div>
<nav class="collapse navbar-collapse">
<ul class="nav navbar-nav">
<li>
<a href="#">Navbar Item 1</a>
</li>
<li class="dropdown">
<a href="#" class="dropdown-toggle" data-toggle="dropdown">Navbar Item 2<b class="caret"></b></a>
<ul class="dropdown-menu">
<li><a href="#">Navbar Item2 - Sub Item 1</a></li>
</ul>
</li>
<li>
<a href="#">Navbar Item 3</a>
</li>
</ul>
<ul class="nav navbar-nav pull-right">
<li class="dropdown">
<a href="#" id="nbAcctDD" class="dropdown-toggle" data-toggle="dropdown"><i class="icon-user"></i>Username<i class="icon-sort-down"></i></a>
<ul class="dropdown-menu pull-right">
<li><a href="#">Log Out</a></li>
</ul>
</li>
</ul>
</nav>
</div>
<div id="wrapper">
<div id="sidebar-wrapper" class="col-md-1">
<div id="sidebar">
<ul class="nav list-group">
<li>
<a class="list-group-item" href="#"><i class="icon-home icon-1x"></i>Sidebar Item 1</a>
</li>
<li>
<a class="list-group-item" href="#"><i class="icon-home icon-1x"></i>Sidebar Item 2</a>
</li>
<li>
<a class="list-group-item" href="#"><i class="icon-home icon-1x"></i>Sidebar Item 3</a>
</li>
</ul>
</div>
</div>
<div id="main-wrapper" class="col-md-11 pull-right">
<div id="main">
<div class="page-header">
<h2>Tencent Holdings (0700.HK)</h2>
<h6 subdued>All prices and valuations as at 16-Oct-2014.</h6>
</div>
<div class="section">
<ul class="double">
<li><h3>Research View</h3></li>
<li><h3>Key Data (Updated as of Oct 2014)</h3></li>
<li><b>Capital Markets (APAC) Initiation Date:</b> 16-Jul-14</li>
<li><b>Last Price:</b> HKD 113.00</li>
<li><b>UBS Research:</b> BUY</li>
<li><b>Div Yield 2015E:</b> 0.52%</li>
<li><b>12-month Price Target:</b> HKD 155.00</li>
<li><b>PE 2015E:</b> 26.2x</li>
</ul>
</div>
<div class="section">
<h3>Company Profile</h3>
<p>Tencent has the largest online community in China. It operates five main platforms: communications (QQ IM, Weixin/WeChat),
social networks (Qzone), online games, media (QQ.com, microblog, video), and utilities (mobile browser, mobile security). Its main revenue sources are VAS, online advertising, and eCommerce transactions.</p>
</div>
<div class="section">
<h3>Investment Case</h3>
<ul>
<li><p>Cooperation between Tencent and Sinopec Sales, increasing mobile monetization potential Sinopec Sales Co.,
Ltd. (the marketing arm of Sinopec) announced that it signed a business cooperation framework agreement with Tencent,
Inc. to establish a long-term strategic partnership. UBS Research believes the two parties will utilise Tencent’s mobile
payment channels on Weixin and Mobile QQ, as well as mobile map/navigation apps to develop innovative O2O services
via a closed loop. It is expected that the cooperation will further enlarge the user base of Tencent's mobile payment, and
improve the potential for mobile monetization.</p></li>
<li><p id="marketShareCalculator">Extending leadership in mobile games UBS Research forecasts China's mobile games market will reach <b>Rmb <span data-var="marketShare" data-format="%.0f"/></b> in sales in 2014, accounting for <b><span class="TKAdjustableNumber" data-var="marketSharePercent" data-min="0" data-max="100"> %</span></b> of China's online games market. It is expected that Tencent's market
leadership to extend from client-based games and web games to mobile games. UBS Research forecasts Tencent's market
share in China's mobile games market will rise from 16% in 2013 to 44% in 2014, through the broadening of game
genres and the growing importance in the role of having a mobile games distribution platform.</p></li>
<li><p>eCommerce's exposure via JD.com UBS Research views the partnership formed by Tencent and JD.com in March 2014
to be strategic and beneficial to both companies, allowing them to focus on their respective core strengths. While UBS
Research has lowered Tencent's eCommerce revenue forecast, Tencent has gained exposure to a significantly larger
eCommerce platform via JD.com. Its economic interest is reflected through a 17.59% stake in JD. The eventual disposal of
Yixun should also relieve Tencent of a relatively weaker part of its overall business.</p></li>
</ul>
</div>
<div class="section">
<h3>Catalysts</h3>
<p>Upcoming catalysts: 1) Better-than-expected quarterly results; 2) Faster-than-expected mobile monetisation; 3) M&A</p>
</div>
<div class="section">
<h3>Risks in the Investment Case</h3>
<p>Key risks include: 1) evolving and intensifying competitive landscape, 2) execution of new businesses, 3) integration of invested companies and businesses, 4) rising cost of traffic acquisition, contents and brand promotions, 5) upkeep of IT systems, 6)
expansion to international markets, 7) infringement of intellectual property rights, 8) departure of key management, and 9)
regulatory risks.</p>
</div>
<div class="section">
<ul class="double">
<li><h3>Absolute and Relative Performance</h3></li>
<li><h3>Key Figures</h3></li>
<li><canvas id="chart" width="500" height="400"></canvas></li>
<li><table id="table" width="600" height="400"
data-classes="table table-hover table-condensed"
data-striped="true">
<thead>
<tr>
<th class="col-xs-3" data-field="Field">Last updated: 26 Sep 2014</th>
<th class="col-xs-1" data-field="Dec2012A">Dec 2012A</th>
<th class="col-xs-1" data-field="Dec2013A">Dec 2013A</th>
<th class="col-xs-1" data-field="Dec2014E">Dec 2014E</th>
<th class="col-xs-1" data-field="Dec2015E">Dec 2015E</th>
<th class="col-xs-1" data-field="Dec2016E">Dec 2016E</th>
</tr>
</thead>
</table></li>
</ul>
</div>
</p>
</div>
</div>
</div>
<!-- script references -->
<script src="js/require.min.js"></script>
<script src="//ajax.googleapis.com/ajax/libs/jquery/2.0.2/jquery.min.js"></script>
<script src="js/bootstrap.min.js"></script>
<script src="js/tangle.js"></script>
<script src="js/TangleKit/mootools.js"></script>
<script src="js/TangleKit/sprintf.js"></script>
<script src="js/TangleKit/BVTouchable.js"></script>
<script src="js/TangleKit/TangleKit.js"></script>
<script src="js/chart.min.js"></script>
<script src="//cdnjs.cloudflare.com/ajax/libs/bootstrap-table/1.5.0/bootstrap-table.min.js"></script>
<script src="//cdnjs.cloudflare.com/ajax/libs/bootstrap-table/1.5.0/locale/bootstrap-table-zh-CN.min.js"></script>
<script>
var tangle = new Tangle (document.getElementById("marketShareCalculator"), {
initialize: function () {
this.totalMarket = (23620000000/23)*100;
this.marketSharePercent = 23;
this.marketShare = (this.marketSharePercent/100)*this.totalMarket;
},
update: function () {
this.marketShare = (this.marketSharePercent/100)*this.totalMarket;
}
});
var data = {
labels: ["January", "February", "March", "April", "May", "June", "July"],
datasets: [
{
label: "My First dataset",
fillColor: "rgba(220,220,220,0.2)",
strokeColor: "rgba(220,220,220,1)",
pointColor: "rgba(220,220,220,1)",
pointStrokeColor: "#fff",
pointHighlightFill: "#fff",
pointHighlightStroke: "rgba(220,220,220,1)",
data: [65, 59, 80, 81, 56, 55, 40]
},
{
label: "My Second dataset",
fillColor: "rgba(151,187,205,0.2)",
strokeColor: "rgba(151,187,205,1)",
pointColor: "rgba(151,187,205,1)",
pointStrokeColor: "#fff",
pointHighlightFill: "#fff",
pointHighlightStroke: "rgba(151,187,205,1)",
data: [28, 48, 40, 19, 86, 27, 90]
}
]
};
var options = {
///Boolean - Whether grid lines are shown across the chart
scaleShowGridLines : true,
//String - Colour of the grid lines
scaleGridLineColor : "rgba(0,0,0,.05)",
//Number - Width of the grid lines
scaleGridLineWidth : 1,
//Boolean - Whether to show horizontal lines (except X axis)
scaleShowHorizontalLines: true,
//Boolean - Whether to show vertical lines (except Y axis)
scaleShowVerticalLines: true,
//Boolean - Whether the line is curved between points
bezierCurve : true,
//Number - Tension of the bezier curve between points
bezierCurveTension : 0.4,
//Boolean - Whether to show a dot for each point
pointDot : true,
//Number - Radius of each point dot in pixels
pointDotRadius : 4,
//Number - Pixel width of point dot stroke
pointDotStrokeWidth : 1,
//Number - amount extra to add to the radius to cater for hit detection outside the drawn point
pointHitDetectionRadius : 20,
//Boolean - Whether to show a stroke for datasets
datasetStroke : true,
//Number - Pixel width of dataset stroke
datasetStrokeWidth : 2,
//Boolean - Whether to fill the dataset with a colour
datasetFill : true,
//String - A legend template
legendTemplate : "<ul class=\"<%=name.toLowerCase()%>-legend\"><% for (var i=0; i<datasets.length; i++){%><li><span style=\"background-color:<%=datasets[i].lineColor%>\"></span><%if(datasets[i].label){%><%=datasets[i].label%><%}%></li><%}%></ul>"
};;
var ctx = document.getElementById("chart").getContext("2d");
var myLineChart = new Chart(ctx).Line(data, options);
var tableData = [
{"Field": "Revenues (Rmbm)", "Dec2012A": "43,893.7", "Dec2013A": "60,437.2", "Dec2014E": "80,111.5", "Dec2015E": "111,155.3", "Dec2016E": "123,226.9"},
{"Field": "EBITDA (core) (Rmbm)", "Dec2012A": "43,893.7", "Dec2013A": "60,437.2", "Dec2014E": "80,111.5", "Dec2015E": "111,155.3", "Dec2016E": "123,226.9"},
{"Field": "EBIT (core) (Rmbm)", "Dec2012A": "43,893.7", "Dec2013A": "60,437.2", "Dec2014E": "80,111.5", "Dec2015E": "111,155.3", "Dec2016E": "123,226.9"},
{"Field": "Net Income (Rmbm)", "Dec2012A": "43,893.7", "Dec2013A": "60,437.2", "Dec2014E": "80,111.5", "Dec2015E": "111,155.3", "Dec2016E": "123,226.9"},
{"Field": "EPS (UBS Adjusted, basic) (Rmbm)", "Dec2012A": "1.56", "Dec2013A": "1.86", "Dec2014E": "2.59", "Dec2015E": "3.40", "Dec2016E": "4.32"},
{"Field": "EPS (UBS Adjusted, diluted) (Rmbm)", "Dec2012A": "1.56", "Dec2013A": "1.86", "Dec2014E": "2.59", "Dec2015E": "3.40", "Dec2016E": "4.32"},
{"Field": "P/E (UBS Adjusted, basic) (Rmbm)", "Dec2012A": "1.56", "Dec2013A": "1.86", "Dec2014E": "2.59", "Dec2015E": "3.40", "Dec2016E": "4.32"},
{"Field": "P/E (UBS Adjusted, diluted) (Rmbm)", "Dec2012A": "1.56", "Dec2013A": "1.86", "Dec2014E": "2.59", "Dec2015E": "3.40", "Dec2016E": "4.32"},
{"Field": "E/V EBITDA (core ) (Rmbm)", "Dec2012A": "1.56", "Dec2013A": "1.86", "Dec2014E": "2.59", "Dec2015E": "3.40", "Dec2016E": "4.32"},
];
$(function () {
$('#table').bootstrapTable({
data: tableData
});
});
</script>
</body>
</html>