[ET Net News Agency, 13 November 2020] Nomura lowered its target price for Tencent
Holdings (00700) to HK$690 from HK$703 on lower valuation for Tencent Fintech and retained
its "buy" rating.
The research house said Tencent's 3Q results slightly beat market consensus on both
revenues and non-GAAP earnings, driven by stronger mobile gaming revenue and PC gaming
revenue.
Nomura expects mobile gaming revenue to grow 48% in 4Q despite a normalized base for
Supercell consolidation. The outlook for FY2021 remains solid thanks to the two promising
new titles, i.e. mobile LoL which Tencent is rolling out in overseas markets, and mobile
DNF which Nomura thinks will likely release next year.
Nomura revised its FY2020/21 revenues by +1% each and EPS estimates by -1%/+2%. (KL)
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00700 TENCENT
Nominal 
348.400 +9.000 (+2.652%) Research Report
13/11/2020 10:20
{I-bank focus}Nomura cuts Tencent Holdings (00700) to HK$690
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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