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00700 TENCENT
RTNominal down303.800 -0.600 (-0.197%)
Research Report

04/08/2020 10:00

{I-bank focus}Nomura ups Tencent Holdings (00700) to HK$655

[ET Net News Agency, 4 August 2020] Nomura raised its target price for Tencent Holdings
(00700) to HK$655 from HK$531 and maintained its "buy" rating.
The research house anticipates Tencent to report better-than-market-expected 2Q results,
driven by solid mobile gaming revenue. Nomura modeled in 29% growth in Tencent's revenue
in 2Q, 2pp above the Street's estimate. It expects Tencent to report non-GAAP EPS of
CNY3.12 in 2Q, up 27%. It is 4% above the Street's estimate of CNY2.99.
Nomura modeled in robust 60% growth in Tencent's mobile gaming revenue in 2Q, driven
both by strong deferred revenue from 1Q and solid growth from overseas following the
lockdown measures adopted in many countries in 2Q. (KL)

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