Morgan Stanley is doubling down on a Chinese tech giant, and its bullishness comes hot on the heels on a similar call by Goldman Sachs.
Chinese tech giant Tencent is ramping up its efforts to monetize its fast-growing short video function, and Morgan Stanley is bullish on that. The company is increasingly focused on Channels, the short video function within its popular superapp WeChat, as it seeks to challenge the dominance of other rival platforms, such as ByteDance's Douyin and Kuaishou Technology .
It estimates the platform will contribute 30% of Tencent's incremental operating profit into 2025. Other key growth drivers Morgan Stanley said it believes global gaming will be another key growth driver for Tencent, though it will be a "much longer-term growth story." Nevertheless, the bank sees global gaming as an "under-penetrated" market with room for growth to reaccelerate in 2023.
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