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Research Report

13/11/2020 15:31

{I-bank focus}Jefferies raises Tencent (00700) to HK$721

[ET Net News Agency, 13 November 2020] Jefferies Research raised its target price for
Tencent Holdings (00700) to HK$721 from HK$651 and maintained its "buy" rating.
The research house said Tencent's reported 3Q revenue and adjusted earnings were in line
with consensus. The success of HoK, with record-high DAU and positive feedback from new
games, backed by portfolio strategy, are driving long-term growth.
Online advertising accelerates on solid social ads and better-than-expected performance
of media ads. Jefferies views content as king in video advertising and noted a number of
dramas and variety shows in 4Q.
Jefferies expects the gaming outlook to remain resilient in the coming years while
online ads and fintech & business services are backed by technological strengths. (KL)

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