摩根对腾讯的研究分析报告

　　Earnings top: Tencent’s sales jumped 19% QoQ and 75% YoY to Rmb2.5bn in 1Q09, 16% above our forecast.Diluted EPS grew 23% QoQ and doubled YoY, 26% ahead of our estimate on strength in Internet and mobile VAS.

　　What we liked: 1) IVAS sales (76% of total) soared 29% QoQ and 91% YoY, thanks to robust online game sales (+32% QoQ, 42% of total). 2) Mobile VAS sales (18% of total) rebounded for the sixth quarter in a row (+10% QoQ and 52% YoY), aided by SMS bundled packages, heavier promotions, and popular mobile games.

　　What concerned us: Online ad sales (6% of total) shrank 30% QoQ and rose only 1% YoY, hurt by the Chinese New Year holiday and delayed spending by advertisers on the macro slowdown. That said, Tencent expects an ad rebound in 2Q on better seasonality.