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Research Report

18/09/2020 17:46

{I-bank focus}Strong growth seen in Tencent's e-commerce

[ET Net News Agency, 18 September 2020] HSBC Global Research attended Tencent Global
Digital Ecosystem Summit on 9-11 September on strategic updates for its To-B businesses.
The research house noted that Tencent Holdings (00700) plans to invest RMB500bn in the
coming 5 years in areas in line with the "new infrastructure" advocated by the government
(e.g. 5G, AI, IoT, data center), covering infrastructure, R&D of frontier technologies,
talent acquisition, strategic investments, and marketing.
HSBC sees strong growth in e-commerce driving deeper monetization in payment and ads,
mini-program GMV (gross merchandise value) at RMB800bn in 2019, only 12% of Alibaba's
(09988), suggests upside potential.
HSBC maintained its "buy" rating on Tencent, with a target price of HK$655. (KL)

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