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Research Report

24/06/2020 15:48

{I-bank focus}BOCI raises Tencent Holdings (00700) to HK$549

[ET Net News Agency, 24 June 2020] BOCI raised its target price for Tencent Holdings
(00700) to HK$549 from HK$487 and maintained its "buy" rating.
Being the key beneficiary of the rising demand of premium online content, Tencent
consolidated its leadership with a strong gaming pipeline and streamlined video/live cast
contents, the research house said.
Successful new initiatives in Video Account and Mini Shop will allow Tencent to leverage
their massive traffic in Mini App and WeChat, boosting Ads and Cloud/Business Service
businesses. BOCI revised up its 2020-22 non-GAAP net income by 4.1%/4.6%/5.2%. (KL)

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