Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Summary. Tencent is one of the handful of genuinely wonderful businesses on earth. Weixin sits in the pocket of 1.44 billion people, and it is the place where they talk, pay, shop, read, watch, and increasingly ask an AI assistant to do things for them. Around that toll bridge the company has built the largest games business in the world, a payments franchise second only to Alipay, an advertising business growing 20 percent a year with room to double its ad load, and an investment portfolio worth roughly a trillion renminbi. The people running it have run it for two decades, own a lot of stock, and have returned more than HK$240 billion to shareholders through buybacks in the last three years while raising the dividend every year.
Recent filings analysed: Interim Report (2026-08-25), Q1 Results (2026-05-13), Annual Report (2026-04-09), Annual Results (2026-03-18).
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