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Research Report

13/08/2020 15:40

{I-bank focus}Morgan ups Tencent Holdings (00700) to HK$570

[ET Net News Agency, 13 August 2020] Morgan Stanley lifted its target price for Tencent
Holdings (00700) to HK$570 from HK$500 and maintained its "overweight" rating.
The research house believes growth moderation should be more meaningful in 2H, and it
expects gross game revenue to grow 26% in 3Q (mobile +40%). Yet, Morgan expects more new
game launches starting in late August, so it raised S&M expenses from 6% to 6.5% of total
revenue in 3Q.
Morgan said Tencent launched an integrated ad platform in July to enhance efficiency and
targetability; based on this and a likely gradual recovery in media ads, Morgan expects
online ad revenue to grow 17% in 3Q.
It also expects FinTech revenue growth momentum to normalize in 3Q, and it forecast
segment revenue to grow 30% in 3Q with stable GM. While 2Q was stronger than expected,
Morgan lowered its 3Q non-IFRS NPAT by 5% to reflect prudent margin outlook. (KL)

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