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

11/08/2020 17:38

{I-bank focus}Goldman ups Tencent Holdings (0700) to HK$556

[ET Net News Agency, 11 August 2020] Goldman Sachs raised its target price for Tencent
Holdings (0700) to HK$556 from HK$542 and maintained its "buy" rating.
After a solid earnings season for FAANG (revenue/net income +15%/+8.6% in 2Q), the
spotlight moves to China with Tencent's earnings scheduled for the 12 August.
The research house estimated Tencent's revenue +28% to Rmb114bn in 2Q, accelerating from
+26%/+21% in 1Q 2020/2Q 2019 respectively; non-GAAP operating profit +31% to Rmb35.8bn,
and adjusted net income of Rmb29.3bn, +25%.
Looking ahead, Tencent's game tech, IP and portfolio, and the launch of major titles,
mDnF, CODm and WildRift should drive the company's market share gains and therefore
earnings. Meanwhile, the portfolio of 800 companies, worth US$165bn, continues to create
shareholder value. (KL)

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