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Research Report

15/10/2020 14:43

{I-bank focus}Tencent's 3Q net seen up 30% to Rmb31.8bn

[ET Net News Agency, 15 October 2020] Tencent Holdings (00700) will report 3Q results
on 12 November. Credit Suisse expects total revenue growth of 26% to Rmb122.4bn. Non-GAAP
net profit is expected to reach Rmb31.8bn, up 30%.
The research house expects the momentum of mobile games to remain strong at 47%, thanks
to the resilient performance of flagship titles. Deferred revenue carried from 1H also
offers support.
The online ad is expected to see growth slightly accelerate to 14% driven by still
healthy growth of social ads and significant narrowing of decline from media ads. Fintech
and business services is expected to grow by 29% as the cloud business is yet to see full
normalization from COVID-19-related project delays.
Credit Suisse maintained its "outperform" rating on Tencent, with a target price of
HK$683. (KL)

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