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Research Report

17/07/2020 16:01

{I-bank focus}BOCOM ups Tencent Holdings (00700) to HK$604

[ET Net News Agency, 17 July 2020] BOCOM Research raised its target price for Tencent
Holdings (00700) to HK$604 from HK$493 and maintained its "buy" rating.
Tencent's 2Q results are due on 12 August. The research house estimated revenue at
RMB114.1bn, up 28% (versus consensus of RMB112.3bn, up 26%) and adjusted EPS at RMB3.08
(versus consensus of RMB3.02).
For a breakdown, it expects gross revenue of mobile games/advertising/payment to grow
56%/17%/26% YoY to RMB34.6bn/19.1bn/23.8bn. Mini-program live-streaming is open to
non-individual merchants without rule violation within the past six months and with
transactions over the past 90 days. BOCOM thinks live-streaming focuses on service tools
to help merchants complete sales, without running into direct competition with peers.
BOCOM raised its 2020/21 revenue by 2%/2.5% and earnings by 2%/1.7%, based on (1) strong
mobile game pipeline, and (2) potential revenue growth for IP operations. It now expects
2020/21 revenue to grow 29%/22% and earnings to climb 32%/22%. (KL)

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