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Research Report

13/08/2020 17:26

{I-bank focus}UOBKH lifts Tencent Holdings (00700) to HK$606

[ET Net News Agency, 13 August 2020] UOB Kay Hian raised its target price for Tencent
Holdings (00700) to HK$606 from HK$515 and maintained its "buy" rating.
The research house said Tencent reported another set of solid results in 2Q. Top-line
increased 29% yoy to Rmb114.9b, in-line with UOBKH's estimates, driven by solid growth
from mobile gaming revenue. Gross margin improved by 2.3ppt yoy to 46.3%.
UOBKH raised itsd 2020/21 revenue forecasts by 1%/4% respectively, driven by stronger
growth from the FBS (FinTech and Business Services) segment. Its non-GAAP net profit
forecasts for 2020/21 were raised by 2%/11% respectively. (KL)

Remark: Real time quote last updated: 24/11/2020 12:26
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