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Research Report

22/07/2020 15:10

{I-bank focus}UBS lifts Tencent Holdings (00700) to HK$650

[ET Net News Agency, 22 July 2020] UBS Global Research lifted its target price for
Tencent Holdings (00700) to HK$650 from HK$520 and maintained its "buy" rating.
The research house said Tencent is one of UBS's top large-cap picks as strong mobile
games to drive earnings growth acceleration from 15% CAGR in 2017-19 to 28.7% CAGR in
2019-22, helping re-rate the stock from 25x at the trough in the last two years to 36x
2021 earnings.
Mobile games, including recently launched Brawl Stars in China, helped drive strong
growth in 2Q despite gamers returning to work/school. In 2H, UBS is most excited about DnF
Mobile in China, LoL Mobile Wild Rift overseas, and Valorant for PC overseas.
It also sees several long term drivers. However, UBS noted that advertising is slightly
weaker than UBS expected in 2Q, and investors need to be patient with new games as Tencent
will take time to ramp monetization of large scale, social games. (KL)

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