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Research Report

13/08/2020 15:56

{I-bank focus}BofA trims Tencent Holdings (00700) to HK$606

[ET Net News Agency, 13 August 2020] BofA Global Research lowered its target price for
Tencent Holdings (00700) to HK$606 from HK$612 and maintained its "buy" rating.
The research house said Tencent did not indicate any major change in strategy in its 2Q
result. In addition to having comprehensive features for end-users, the company has been
enhancing its platform to support its eco-system partners.
Mini-programs and mini-stores continue to help Weixin merchants in user acquisition,
close-loop transactions and customer relationship management. Investment in tech
infrastructure supports game developers to have smooth game launch and upgrades. Its
mobile ad network has been generating more value for its partners.
The select SaaS partner support program now covers 30 software categories with over 100
partners. BofA thinks that these efforts can gradually enhance monetization opportunities
for Tencent, and more importantly, boost its capabilities to defend its position against
other online platforms. (KL)

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