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Research Report

02/07/2020 15:18

{I-bank focus}BNP Paribas raises Tencent (00700) to HK$597

[ET Net News Agency, 2 July 2020] BNP Paribas raised its fair value for Tencent
Holdings (00700) by 30% to HK$597 and maintained its "buy" rating.
The research house increased its gaming sales estimates, due to (1)
stronger-than-expected performance of Honor of Kings, or HoK, in May, (2) more information
on the launch of the mobile version of two out of three of Tencent's most popular PC IPs
Dungeon and
Fighters (DnF), and League of Legends (LoL), and (3) strong performance of Brawl Stars and
Call of Duty: Mobile.
BNP raised online game sales growth to 23%, from 13% previously for 2020, versus
deferred revenue growth of 44% in fourth-quarter 2019 and 37% in first-quarter 2020. For
2021, it expects online gaming sales growth to be 18%, versus 13% previously, with a
full-year contribution of DnF mobile and LoL Wild Rift. (KL)

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