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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
  Report
Delayed Hong Kong Stock Exchange  -  04:08 2022-09-26 am EDT
283.20 HKD   +2.98%
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Marketmind: Tencent's Q2 results take center stage in Asia

08/16/2022 | 04:04pm EDT
FILE PHOTO: Tencent logo displayed at a conference

(Reuters) - A look at the day ahead in Asian markets from Jamie McGeever

Earnings from China's Tencent, an interest rate decision from New Zealand, and a clutch of Japanese economic indicators will give Asian markets a local steer on Wednesday, following another solid rise on Wall Street and notable decline in oil prices.

Tencent's second-quarter results come a day after Reuters exclusively reported that the tech giant plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan.

This would placate domestic regulators but also bring a timely cash injection - Tencent's second-quarter profit is forecast to slide 27%, per analyst estimates on Refinitiv, thanks to a slowing economy and tightened video-game rule.

Tencent's shares edged up 0.9% on Tuesday, while Meituan's slumped 9%, their biggest fall in five months.

On the macro front, the Reserve Bank of New Zealand is expected to raise its cash rate by 50 basis points for the fourth meeting in a row. All 23 economists in a Reuters poll forecast the rise to 3.00%, which would mark the most aggressive tightening since 1999.


RBNZ rate decision:

Meanwhile, figures from Japan are expected to show a recovery in machine orders and a narrowing trade deficit. The Tankan manufacturing and services indexes for August will also be released.

Tuesday marked another 3% fall in oil prices and solid rise on Wall Street. Brent crude is now lower than it was before Russia's Feb. 24 invasion of Ukraine, and the S&P 500 has rebounded almost 20% from its June low.

Later on Wednesday investors also have a clutch of U.S. and European macro releases to digest, including: UK inflation, euro zone GDP and employment, and U.S. retail sales.

Key developments that should provide more direction to markets on Wednesday:

Tencent's Q2 earnings

RBNZ interest rate decision

Japan machine orders (June)

Japan trade data (July)

Japan Tankan surveys (August)

Australia wage growth (Q2)

Indonesia current account (Q2)

(Reporting by Jamie McGeever in Orlando, Fla.; Editing by Marguerita Choy)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MEITUAN INC. 4.49% 167.5 Delayed Quote.-25.69%
TENCENT HOLDINGS LIMITED 2.98% 283.2 Delayed Quote.-39.80%
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Financials
Sales 2022 568 B 79 560 M 79 560 M
Net income 2022 101 B 14 178 M 14 178 M
Net cash 2022 76 897 M 10 769 M 10 769 M
P/E ratio 2022 24,1x
Yield 2022 0,39%
Capitalization 2 429 B 340 B 340 B
EV / Sales 2022 4,14x
EV / Sales 2023 3,50x
Nbr of Employees 110 715
Free-Float 63,2%
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Mean consensus BUY
Number of Analysts 55
Last Close Price 257,62 CNY
Average target price 382,34 CNY
Spread / Average Target 48,4%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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