关于腾讯的分析报告.pdf

Wednesday, December 06, 2006 Refer to Appendix for important disclosure information Susquehanna Financial Group, LLLP, Member NASD Chinese Internet Technology C. Ming Zhao, CFA Tencent Holdings Limited Rating: Positive 610-747-1632 (US) - +86-21-5103-5107 (China) 0700.HK: HK$23.10 - Chunming.Zhao@ Positioned for Multi-Year Ambitious Growth; Initiating Tencent Holdings Limited Coverage with a Positive Rating 0700.HK HK$23.10 Rating Positive We are initiating coverage on Tencent with a Positive rating. The company is the largest Internet company in China, with its core competency being the possession of a massive Market Cap (HK$ mln) 40,783 and sticky user base. It has a unique business model that enjoys substantial operating Enterprise Value (HK$ mln) 37,597 leverage. The company’s expansionary strategies position it to enjoy the greatest long- 52 Week Range (HK$) 8.15 - 24.20 term growth potential among all Chinese Internet companies under coverage. We advise Shares Outstanding (mln) 1,811