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Tencent (700 HK) - WeChat Work is growing into a powerful CRM tool

作者: Leo LIU,Matt MA,Calvin NG
時間: 2020年01月23日
重要性: 一般報告
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摘要: Report title:Tencent (700 HK) - WeChat Work is growing into a powerful CRM tool
Analyst:Leo LIU,Matt MA,Calvin NG
Report type:Company
Date:20200123
[Summary]

■ Tencent announced the release of WeChat Work 3.0
■ WeChat Work is an developing CRM and marketing platform
■ Optimistic on WeChat Work’s LT potentials; Maintain BUY
WeChat Work is continuously evolving
On Dec 23, Tencent announced the v3.0 of WeChat Work which: 1) enriched the interconnections between WeChat Work and WeChat ecosystem through upgrading the group-chat and moments functions for To-C enterprises, providing better private domain traffic management tools; 2) introduced new efficiency tools incl. easier-to-call calendars, multi-person meetings, and shared documents, more intra-group communication features, and upgraded OA applications, to further strengthen its basic positioning as a collaboration tool; and 3) added new communication function for educational scenarios. In China’s enterprise collaboration tool territory, BABA (BABA US; BUY; TP USD222) was a pioneer. Its DingTalk was launched as early as 2015, and quickly occupied the largest vertical market share with over 10mn enterprise users and 200mn users. In comparison, WeChat Work was launched in 2016, and developed 2.5mn enterprise users and 60mn MAU by now. Besides the two leaders, peers in this sector also include ByteDance’s Lark, MTDP’s Elephant (3690 HK; BUY; TP HKD106), and Huawei’s WeLink.
Despite lagging behind, WeChat Work has its unique edges
We believe DingTalk enjoys remarkable leadership because: 1) in addition to its first-mover advantage, DingTalk at product level has fully reflected BABA’s deep understandings on org management and internal collaborations, and is an output of BABA’s incomparable know-how; 2) DingTalk has been dedicatedly designed (for example, the famous “Ding” function) to fulfill demands of enterprise managers, who are also the decision makers on enterprise tool adoptions; 3) As early as 2016, BABA has already set the clear 3rd party open platform product strategy to establish its well-rounded function ecosystem. In comparison, WeChat Work not only started late, open to 3rd party late, but also inherited the simplicity, user-friendliness and restraint of WeChat, with less frequent iterations and updates. Therefore it’s still lagging behind DingTalk. However, we think these lags are all functional-wise, which in the long run should be surmountable. On the other hand, WeChat Work has its unique edges that cannot be copied by peers. Its powerful capabilities to reach end-customer can help enterprises improve their CRM operations, marketing, and eventually overall monetization, therefore creating incremental values in another dimension on top of the traditional enterprise collaboration tools' cost reduction/efficiency enhancement functions.
Maintain BUY with TP at HKD422
We believe the evolving WeChat Work has great potentials to grow into a necessary CRM/marketing platform for all retail and service companies, and should provide solid basis for Tencent to develop its To-B businesses and eventually rich soil to monetize. We maintain BUY with TP at HKD422.

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