Published On: June 17th, 2024Categories: Trade Ideas
In this investment case, we focus our attention on Tencent Holdings Limited (TCEHY), a leading provider of Internet value added services in China. Tencent is also a leading world-class online game developer and operator and is now recognized as the largest social online gaming community in China. TECHY’s Qzone is the largest social networking platform in China. Tencent’s balance sheet is “rock solid” and is characterized by moderate leverage, high margin and a hefty net cash position. We like TECHY’s bonds, which offer interesting spread pickup vs. comparable, especially for long-dated bonds.
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