Tencent Holdings (0700:HK) has not done well ever since it hit a high of HK$757 in February 2021. It
fell as much as 60% to a recent low of HK$297 before rebounding as the Chinese government vow to stabilise financial markets.
As the largest internet
company in China, it has been hit by almost every single facet of the widespread tech sector regulatory crackdown as it has investments in almost every single segment of the internet industry.
Tencent’s FY21 financial results
| P&L in RMB’m |
FY21 |
FY20 |
FY19 |
FY18 |
Variance (%) |
Variance (%) |
| EPS in RMB’$ |
|
|
|
|
FY21 vs FY20 |
FY21 vs FY19 |
| Total Revenue |
560,118 |
482,064 |
377,289 |
312,694 |
16.2% |
48.5% |
| Non-IFRS operating profit |
159,539 |
149,404 |
114,601 |
92,481 |
6.8% |
39.2% |
| Non-IFRS net profit |
123,788 |
122,742 |
94,351 |
77,469 |
0.9% |
31.2% |
| Non-IFRS EPS |
12.70 |
12.69 |
9.73 |
8.10 |
0.1% |
30.5% |
| IFRS operating profit |
271,620 |
184,237 |
118,694 |
97,648 |
47.4% |
128.8% |
| IFRS net profit |
227,810 |
160,125 |
93,310 |
78,719 |
42.3% |
144.1% |
| IFRS EPS |
23.16 |
16.52 |
9.64 |
8.23 |
40.2% |
140.2% |
| Dividend per share (HKD) |
1.60 |
1.60 |
1.20 |
1.00 |
0.0% |
33.3% |
|
|
|
|
|
|
|
| Key Metrics: |
|
|
|
|
|
|
| MAU of Weixin and WeChat |
1,268.2 |
1,225.0 |
1,164.8 |
1,097.6 |
3.5% |
8.9% |
| Mobile device MAU of QQ |
552.1 |
594.9 |
647.0 |
669.8 |
-7.2% |
-14.7% |
| Fee-based VAS registered subscriptions |
263.3 |
219.5 |
180.1 |
160.3 |
20.0% |
46.2% |
Source: Author’s compilation
Tencent delivered slower growth in FY21 results as 2021 was a challenging year in which the company had to embrace changes...
