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Original title: Investment tycoon Duan Yongping increases positions in Tencent! What signal is there after 3 years?Urgent upgrade of the King of Glory
At the time when the game was criticized and Tencent’s stock price plummeted, the well-known investor Duan Yongping rarely made a move to increase Tencent’s position. Once again, people abandoned me to take it?
Due to Duan Yongping’s long-standing reputation in the investment circle, his value investment philosophy is in the same line as Buffett, and he has been in heavy positions for many years.Apple, Moutai, inNetEaseIt is the battle of fame to make a big profit hundreds of times.Not only investmentNetEaseDuan Yongping is also the originator of games in China. At that time, Xiaobawang was a household name and his understanding of games was extremely profound.
It is worth noting that Duan Yongping first bought Tencent or when Tencent fell sharply in 2018, this time he moved to increase Tencent, and said that it fell and sold again, which had a huge impact in the investment circle.
Today, King of Glory has upgraded its system rules to prohibit users under the age of 12 from recharging. Tencent’s decisive restrictions on the game, combined with Duan Yongping’s influx of well-known investors to buy the bottom, Tencent’s stock price once rose 5%, and closed up 2.42%.
Due to the previous Internet anti-monopoly policy, this game has been attacked again. Tencent has been unfavorable this year. The maximum drawdown of the stock price during the year was as high as 45%, second only to the -48% during the 2008 financial crisis. It will still usher in the first cut in half, attracting market attention.
Duan Yongping Rarely Increases Tencent: “Buy More after Falling”
On the morning of August 4, Duan Yongping wrote in his account “The Avenue is invisible, I have a type”, “I bought some today.Tencent Holdings, And then buy more. “This release also received nearly 300 reposts and more than 2,000 likes.
That is, after Duan Yongping bought a small amount in 2018, his content on Tencent began to increase.
Duan Yongping bluntly said that he knows a lot about Apple and relatively little about Tencent. Intuitively, Tencent’s business model is good, and the corporate culture is okay.
In October 2019, some netizens asked questions about what aspects of Tencent’s company do you recognize and what essential level of competitive advantages can you make up your mind to hold for more than 10 years? Duan Yongping replied that Ma Huateng is a good person and young, and the influence of WeChat and WeChat Pay is very large and far-reaching. We did buy a bit of Tencent, but the ratio is very small.
In August 2020, Duan Yongping said in response to netizens that Apple, Moutai and Tencent are not for sale! “To put it simply, Tencent uses established social media to transfer trafficcurrencymelted. I feel that Tencent should still be strong after 10 years, but it will be hard to say in 50 years. My understanding of Tencent is far less than that of Apple, so the ratio of investment is also much smaller. “
It is worth noting that some investors raised the impact of Douyin on Tencent. Duan Yongping said, “It will have an impact, but it is not important. If Tencent fails, it has nothing to do with Douyin.”
Looking back at Duan Yongping’s understanding of the game and Tencent, it is not difficult to find that this is an important signal that Duan Yongping once again increased the position of Tencent after the price of Tencent fell again after nearly three years.
The biggest drawdown during the year was as high as 45%, and the King of Glory made an emergency move
Due to the previous case of an avalanche of online education stocks caused by the “strongest ban” of education reform, yesterday’s “Economic Information Daily” article “”Spiritual Opium” Has Grown into Hundreds of Billion Industries” was released, and many media followed up. Tencent Also urgently dealt with it.
Today, King of Glory released a health system upgradeannouncement, It is forbidden for users under the age of 12 to recharge. Minor users are forbidden to play every day from 22:00 to 8:00 the next day. National statutory holidays are limited to 2 hours a day, and other times are limited to 1 hour a day. Users under the age of 12 cannot recharge the game.
Morning session on the 4th,Tencent HoldingsThe stock price fell nearly 3% at one time, and then rose straight up. Tencent’s stock price rose by 5% at one time, and rose 2.42% as of the close.
Due to the previous impact of Internet anti-monopoly policies, this game has been attacked again. Tencent can be described as a fleeting disadvantage this year. The maximum drawdown of its stock price during the year is as high as 45%, second only to -48% during the 2008 financial crisis.
It is worth noting that since its establishment, Tencent has been questioned by the outside world. In 2010, “Computer World” published “Tencent on Dog Days”, criticizing Tencent for plagiarizing by traffic, leaving small companies with nowhere to go. Later, Tencent reflected on changing its strategy and changed its strategy from competition to becoming a stake in small companies. In the past few years, its investment scale growing.
In 2018, the game version number was suspended, and Tencent’s stock price collapsed, with a maximum drawdown of 43%. At the same time, Pan Luan’s article “Tencent has no dreams” accused Tencent of losing product capabilities and entrepreneurial spirit and becoming an investment company, which also triggered Pony’s forwarding and reflection. In October of that year, Liu Chiping sent an email to all employees, and Tencent initiated the 930 reform internally to devote itself to the industrial Internet.
Due to the hot glory of Tencent’s game king, it has been accused and criticized since its listing, especially for being accused of affecting the learning of minors.
Tencent stated that since 2017, we have continuously upgraded the protection measures for minors and restricted 5.8 million accounts every day on login and payment links, but we feel that there is a long way to go. In order to further increase protection, Tencent will launch the “Honor of Kings” pilot program and gradually launch seven new measures of “double reduction, double play, and triple promotion” for all games.
In the 2020 annual report, Tencent also disclosed for the first time the proportion of minors in the game turnover, and the proportion of domestic online game turnover by minor users under 18 is 6%. Obviously, in terms of consumption, the impact of minors’ consumption income on Tencent may not be significant.
As of now, Tencent has a market capitalization of HK$4.4 trillion and a price-to-earnings ratio of 20 times. In terms of valuation, it is at the lowest level in the past 10 years.
CITIC SecuritiesexistResearch reportIt pointed out that from a policy analysis, it is expected that the game industry will develop long-term and steadily along the three routes of reducing game addiction and adhering to content-oriented game strategies, strengthening the protection of minors, and encouraging game manufacturers to go overseas.Although minors’ anti-addiction building and focusing on the development of high-quality game content may lead to delays in the game development cycleChangheROE has declined, but this will also promote the healthy development of the game industry, as well as the healthy development of high-quality games and moderate-to-light games that focus more on content and technology; at the same time, encouraging overseas expansion will also expand the development space of high-quality game manufacturers.
CITIC SecuritiesWe believe that TapTap, Tencent, NetEase and other high-quality game content manufacturers still have considerable long-term development potential, and we are optimistic about their firm promotion of minor protection, vigorous development of 3A-level game content and boutique independent medium and light games, and they have been well established in overseas markets. layout.
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