0722 GMT - Tencent messaging app WeChat could still have plenty of room to increase monetization, Morningstar analyst Ivan Su says in a research note. Management's unusually detailed discussion of Mini Shops, its third-party e-commerce marketplace embedded within WeChat, during the 3Q earnings call highlights a key growth opportunity, he says. Mini Shops' integration with Tencent's advertising properties supports Morningstar's high-single-digit annual growth assumptions for the fintech and advertising segments. Meanwhile, WeChat's search business is positioned for long-term usage growth given increasing volumes of chat data within WeChat, combined with the growth of exclusive content within the ecosystem, Su says. "We believe the market is significantly undervaluing this potential, creating a compelling investment opportunity in Tencent's shares," he adds. Shares are 0.45% lower at HK$401.40. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
November 15, 2024 02:22 ET (07:22 GMT)
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