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Research Report

14/07/2020 10:42

{I-bank focus}Daiwa ups Tencent Holdings (00700) to HK$610

[ET Net News Agency, 14 July 2020] Daiwa Research raised its target price for Tencent
Holdings (00700) to HK$610 from HK$515 and maintained its "buy" rating.
Despite a strong rally (+27%) since the announcement of Tencent's 1Q results, the
research house continues to see upside risk to its smartphone game revenue in 2H. Daiwa
remains upbeat on Tencent's social advertising growth in 2H, which will likely come with
further market-share gains in the online ads industry.
Daiwa expects top-line growth in 2H to be driven by smartphone games and advertising
revenue, and sees upside risk to its smartphone game revenue estimates, supported by
updates on existing games and new games such as DnF Mobile (scheduled to be released on 12
August) and LoL Mobile.
It raised its 2021-22 earnings by 7-11% mainly on stronger smartphone game revenue
estimates. (KL)

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