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Research Report

16/07/2020 18:01

China Renaissance Securities lifts Tencent (00700) to HK$600

[ET Net News Agency, 16 July 2020] China Renaissance Securities lifted its target price
for Tencent Holdings (00700) to HK$600 from HK$520 and reiterated its "buy" rating.
Tencent is due to report 2Q results in August. The research house expects 2Q total
revenue and bottom line to grow 30% and 27% respectively. It expects mobile game revenue
to grow 37%, while PC game revenue to decline 5% with a narrowing DNF PC revenue decline.
Meanwhile, China Renaissance Securities expects advertising revenue growth to decelerate
to 15% (1Q: 32%) with social ads up 28% and media ads down 20%. It noted that solid
e-commerce ads sentiment offset the sequential weakness of education and game verticals in
2Q, but weak brand advertiser sentiment will likely further weigh on video ads revenue.

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