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Research Report

15/06/2020 15:27

{I-bank focus}Jefferies lifts Tencent (00700) to HK$592

[ET Net News Agency, 15 June 2020] Jefferies Research lifted its target price for
Tencent Holdings (00700) to HK$592 from HK$515 and maintained its "buy" rating.
The research house expects mobile games to benefit from increasing paying ratio and ARPU
in China and the pursuit of overseas IP licensing, in-house, and co-development to embrace
global opportunities ahead.
Jefferies expects more color about new games in the pipeline and overseas partnerships
during the annual gaming event in late June. Post COVID-19, it expects an increasing
trend that people will be willing to pay for mobile games in China, narrowing the gap
with overseas.
In 2Q, Jefferies estimated total smartphone games to grow 45% (prior 34%) driven by
better than expected monetization with successful marketing campaigns for HoK. (KL)

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