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RTNominal down608.000 -5.500 (-0.896%)
Research Report

13/11/2020 12:31

CMBIS raises Tencent Holdings (00700) to HK$669; "buy"

[ET Net News Agency, 13 November 2020] CMB International Securities (CMBIS) raised its
target price for Tencent Holdings (00700) to HK$669 from HK$624 to reflect higher
investment valuation and maintained its "buy" rating.
The research house said Tencent delivered solid 3Q results, with revenue/adjusted net
profit +29%/+32%, both are above consensus. Mobile game momentum continued with 61%
growth. It remains bullish on its mobile game momentum with globalization and an upcoming
strong pipeline. CMBIS expects a limited impact from regulations on Fintech and Antitrust
due to its diversified revenue source, and its steady growth strategy fits well in
It expects Tencent's strong game pipeline, new initiatives expansion and mini-programs
potential to unlock its secular growth. (KL)

Remark: Real time quote last updated: 13/04/2021 17:59
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