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00700 TENCENT
RTNominal down303.800 -0.600 (-0.197%)
Research Report

10/11/2020 10:57

{I-bank focus}Daiwa lifts Tencent Holdings (00700) to HK$710

[ET Net News Agency, 10 November 2020] Daiwa Research lifted its target price for
Tencent Holdings (00700) to HK$710 from HK$620 and maintained its "buy" rating.
Tencent will report its 3Q results on 12 November. The research house forecast revenue
of CNY121.5bn and non-IFRS net income of CNY30.2bn. Daiwa expects smartphone game revenue
to continue to grow at over 40% for 2H, considering the game launches in October.
Daiwa said the consolidation of Huya, DouYu, and Sogou will bring 5-6% additional
revenue for Tencent, despite their limited implications on earnings. It believes the Sogou
acquisition will enhance the search capabilities of Weixin and WeChat, and facilitate
better information distribution to and from Sogou. (KL)

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