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Sep 19, 2018

Tencent's lost billions, making it the world's most disappointing stock

Tencent

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For the most disappointing stock trade in the world this year, step forward Tencent Holdings Ltd.

Of the 10 companies worth more than US$100 billion that analysts predominantly rate as buy, Tencent has by some distance had the worst 2018, data compiled by Bloomberg show. The Internet giant tumbled 22 per cent in Hong Kong through Tuesday, wiping out US$108 billion in value, as the company failed to maintain earnings momentum and a government clampdown clouded the outlook for the games industry.

The reversal has been swift. It was only in January that Tencent reached a record high of HK$474.60, following a 64,000 per cent climb from its 2004 trading debut. Analysts have been reluctant to give up their bullish calls on the stock, which is the biggest on the MSCI Emerging Markets Index with an almost 5 per cent weighting. Their average price target is HK$451.10, implying a 40 per cent rebound over the next 12 months. The stock rose 1.1 per cent to HK$321.60 in Hong Kong on Wednesday.

 

Company Name YTD % Market Cap USD, Billions *Rating Consensus
 Tencent Holdings Ltd.   -22%  388 4.9
  Anheuser-Busch InBev  -17%  181 4.57
 Industrial & Commercial Bank of China Ltd.  -13%  269 4.69
Samsung Electronics Co.    -11%  258 4.76
 China Construction Bank Corp.  -9.2%   209  4.93
 Facebook Inc.   -9% 464  4.5
 Alibaba Group Holding Ltd.  -7.9%  412  4.94
 Comcast Corp.   -7.7%  169 4.58
 Ping An Insurance (Group) Co.  -7.4%  169  4.93
  Kweichow Moutai Co.   -4.4%   118  4.97

* Five equates to a unanimous buy recommendation on a Bloomberg scale.

Other investment disappointments include Belgian brewer Anheuser-Busch InBev NV and South Korea’s Samsung Electronics Co. but Chinese companies predominate. Benchmark indexes in Hong Kong and Shanghai have slumped this year amid concern about an economic slowdown and a trade war with the U.S.