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

13/08/2020 13:49

{I-bank focus}HSBC lifts Tencent Holdings (00700) to HK$655

[ET Net News Agency, 13 August 2020] HSBC Global Research lifted its target price for
Tencent Holdings (00700) to HK$655 from HK$635 and maintained its "buy" rating.
The research house said Tencent reported 2%/3% 2Q beat in top-line and non-GAAP net
income. Beyond geopolitical tensions (albeit immaterial US contribution, <2% of total),
HSBC believes it's time to refocus: (1) diversified games portfolio improves growth
visibility, albeit ups and downs of key games, (2) Weixin ecosystem redefines ads industry
with integrated platform to enhance pricing, and (3) mix shift towards higher margin
non-payment business.
Thus HSBC lifted its non-2020-22 GAAP net income forecasts by 1-22% on strong results
and meaningful contribution of upgraded ads platform and new games likely back-end loaded.
(KL)

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