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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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Tencent becomes latest Chinese firm to invest in Singapore with new Southeast Asia hub

09/14/2020 | 10:50pm EST

* Tencent presses on with global push after India, US app setbacks

* Singapore's appeal as business hub grows amid US-China tensions

* Singapore has been seeking to attract more tech investments (Recasts and writes through with source and analyst comments)

HONG KONG/SINGAPORE, Sept 15 (Reuters) - Gaming giant Tencent Holdings Ltd said on Tuesday it would develop a regional hub for Southeast Asia in Singapore, opening a new office and becoming the latest Chinese tech firm to invest in the city-state.

The new hub comes on the heels of a planned expansion by TikTok owner ByteDance and investment by Alibaba Group Holding Ltd as firms look to deepen their exposure to fast-growing Southeast Asia - home to about 650 million people.

Singapore has also gained fresh appeal as a base for Chinese corporate operations, benefiting from the political tensions that have rocked rival hub Hong Kong and growing distrust of China in the United States and other parts of the world.

Tencent will develop a full-scale comprehensive hub in Singapore that will house its international game publishing business, said a source with knowledge of the matter, who was not authorised to speak to media and declined to be identified.

Tencent did not disclose further details of the office.

The plans highlight Tencent's international ambitions despite setbacks in India where some of its apps have been banned and in the United States which has flagged an imminent ban on U.S. transactions relating to its WeChat messaging app.

"We view Tencent's decision as a necessary step to extend its enterprise service offering (Tencent's cloud computing business) to this new market," said Alex Liu, an analyst with China Renaissance.

He also noted Tencent had several minority investments in Southeast Asia such as its stake in Singapore online gaming and e-commerce firm Sea Ltd, and has been making deeper forays into the region's gaming market.

Offering lucrative grants and incentives, Singapore has been ramping up its efforts to lure tech firms and investors in recent years. Ethnic Chinese also make up a majority of Singapore's population and Mandarin is widely spoken, making it one of the most popular locations for Chinese firms looking to expand overseas.

ByteDance, whose short-form video app TikTok has also been deemed a national security risk by the Trump administration, plans to invest billions of dollars and recruit hundreds of employees in Singapore after opting to base its Southeast Asia regional headquarters there, according to a source.

Alibaba, which owns Singapore-based e-commerce firm Lazada, this year bought a 50% stake in a Singapore office tower. It is in talks to invest $3 billion in Grab Holdings Inc, Southeast Asia's biggest ride-hailing firm and Singapore's most-prized tech firm, Bloomberg news agency has reported.

In addition to the Chinese investments, America's Zoom Video Communications has recently opened a new data centre in Singapore.

(Reporting by Pei Li in Hong Kong and Aradhana Aravindan in Singapore; Additional reporting by John Geddie; Editing by Kenneth Maxwell and Edwina Gibbs)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.80% 277.72 Delayed Quote.30.94%
GOLDEN EAGLE RETAIL GROUP LIMITED -0.28% 7.05 End-of-day quote.-18.78%
SEA LIMITED 0.44% 177.7 Delayed Quote.341.82%
TENCENT HOLDINGS LIMITED 2.27% 586 End-of-day quote.56.02%
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Financials
Sales 2020 481 B 73 057 M 73 057 M
Net income 2020 128 B 19 416 M 19 416 M
Net cash 2020 71 088 M 10 806 M 10 806 M
P/E ratio 2020 37,7x
Yield 2020 0,27%
Capitalization 4 730 B 719 B 719 B
EV / Sales 2020 9,69x
EV / Sales 2021 7,70x
Nbr of Employees 70 756
Free-Float 60,4%
Chart TENCENT HOLDINGS LIMITED
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
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TrendsNeutralBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 50
Average target price 577,39 CNY
Last Close Price 497,16 CNY
Spread / Highest target 45,2%
Spread / Average Target 16,1%
Spread / Lowest Target -28,9%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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