Strong user base in instant messaging and social networking services. High growth prospects for China's Internet industry. Intense competition and regulatory risk. Limited earnings diversity and unproven long-term sustainability of business lines. Sound financial standing. Prudent financial management. Strong cash flow generation. Strong liquidity. Aggressive appetite for mergers and acquisitions. The outlook reflects our expectation that Tencent Holdings Ltd. will maintain steady performances in its core businesses over the next 12-24 months. We anticipate that the company's strong market position will support its earnings, despite intensifying competition. We expect Tencent to maintain satisfactory profitability, generate strong free operating cash flows, and maintain conservative leverage, such that its debt-to-EBITDA ratio does not exceed 1.5x. The EBITDA margin will likely remain satisfactory,
