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00700 TENCENT
RTNominal up343.600 +11.200 (+3.369%)
Research Report

16/11/2020 16:58

ABCI Securities raises Tencent Holdings (00700) to HK$730

[ET Net News Agency, 16 November 2020] ABCI Securities raised its target price for
Tencent Holdings (00700) to HK$730 from HK$500 and maintained its "buy" rating.
The research house said Tencent reported resilient 3Q results, driven by the ongoing
momentum in online gaming and recovering online advertising businesses, which partially
mitigates the slowdown in the cloud segment.
ABCIS said online advertising started to bottom out with a 16% revenue growth in 3Q
versus 13% growth in 2Q, indicating a recovering business environment. It expects the
segment to improve further in the coming quarters.
It expects core net margin (excluding impacts of share-based compensation and other
non-operating items) to improve from 25% in 2019 to 27% in 2021. This would result in a
32% CAGR in core net profit for 2019-21. (KL)

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