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Research Report

13/08/2020 14:36

{I-bank focus}Daiwa lifts Tencent Holdings (00700) to HK$620

[ET Net News Agency, 13 August 2020] Daiwa Research lifted its target price for Tencent
Holdings (00700) to HK$620 from HK$610 and maintained its "buy" rating.
The research house said Tencent delivered solid 2Q results. Daiwa was positively
surprised by the sequential increase in its smartphone game revenue. While the US
executive order on WeChat has given rise to uncertainty, management said the order mainly
targets its international business (WeChat), where the US accounts for less than 2% of
global revenue, and not other businesses.
Daiwa raised its 2021-22 earnings forecasts by 1-2%, due mainly to better margins on
games. (KL)

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