0636 GMT - Tencent is making business-mix changes that S&P Global Ratings says boost its diversity and operating resilience. Profitable new services like video accounts and Weixin search were key drivers of the China-based internet company's online ad revenue in 3Q, which rose 20% on year, outpacing the industry average, S&P analysts say in a note. They expect segment momentum to persist, rising 22% in 2023 and 20% in 2024. Other services like mini games also helped revenue and margins, and S&P sees scope for more monetization as these services draw on Weixin's large user base. S&P tips 2023-2024 revenue growth at 11% and 10%, respectively. Tencent may also adopt a more shareholder-friendly policy than previously thought, S&P says, putting its potential spend on dividends and buybacks in 2023 at CNY70 billion. (email@example.com)
(END) Dow Jones Newswires
November 20, 2023 01:36 ET (06:36 GMT)
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