Buy Tencent: The Buybacks Are Here

Michael Vi Tencent (OTCPK:TCEHY) shares traded up 1.5-2.0% after the Chinese tech giant reported Q4 and FY 2023 results. Although revenue came in somewhat lower than expected, profits surged 23% YoY, comfortably beating consensus. In addition, Tencent surprised markets positively by revealing a $12.8 billion stock buyback program (expected to be up 100% YoY), as well as a 40% jump in dividend payments. Personally, I see the ramp up in distributions as a major bull signal, as I have previously voiced neg ...