US investment bank Pacific Crest (Pacific Crown) publishes a report today

The following is a summary of the article content:

Third-quarter results: Revenue of 15.54 billion yuan, slightly lower than our expected 15.62 billion yuan. Diluted earnings per share of 2.07 yuan, higher than we expected 2.00 yuan. Online Gaming and social network value-added services are more revenue than we expected, while online advertising and e-commerce revenues are below our expectations.

Micro-letter performance is still strong: in the third quarter, the average monthly number of users of micro-credit 271.9 million, an increase of 124%. By contrast, in the third quarter of fiscal year 2012, the average number of micro-credit users grew by 36 million, compared with a total of 121.2 million users.

Mobile game performance: for the micro-letter and mobile QQ platform released on 5 mobile games, three months time to win about 570 million registered users. In addition to games, we also see opportunities in the areas of e-commerce and mobile payments.

Maintain a "outperform" rating: In our view, Tencent is in the best position for Chinese Internet companies in the process of moving to a mobile platform. Therefore, we continue to maintain the Tencent stock "outperform" rating, while maintaining the 480 Hong Kong dollar target share price unchanged.