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Research Report

10/06/2020 13:59

{I-bank focus}JP Morgan raises Tencent (00700) to HK$600

[ET Net News Agency, 10 June 2020] J.P. Morgan raised its target price for Tencent
Holdings (00700) to HK$600 from HK$550 and maintained its "buy" rating.
The research house said Tencent's share price has risen 3% over the past month, slightly
behind MSCI China index (+5%) but meaningfully underperforming large-cap China
Internet peers.
JPM attributed the share price weakness to (1) management's cautious tone regarding
near-term business momentum as traffic benefits from the COVID-19 outbreak in 1Q fade away
in 2Q, and (2) lack of near-term tradable events (i.e. HK listing, 618 ecommerce event,
With the recent public disclosure of Tencent's gaming pipeline and launch timetable, JPM
believes the stock is increasingly attractive as the share price trend diverges from
fundamental development. It increased its 2020/2021 EPS estimates by 3%/6% on the back of
increasingly stronger visibility of Tencent's game pipeline. (KL)

Remark: Real time quote last updated: 15/01/2021 17:59
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