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Research Report

16/11/2020 17:39

{I-bank focus}Macquarie raises Tencent (00700) to HK$846

[ET Net News Agency, 16 November 2020] Macquarie raised its target price for Tencent
Holdings (00700) to HK$846 from HK$815 and maintained its "outperform" rating.
The research house said Tencent's solid 3Q print reaffirms Macquarie's investment thesis
that Tencent is one of the best internet assets to be in heading into 2021, with strength
across global gaming, digital ads, and fintech.
Tencent's strong beat in the print was largely from its mobile game revenues. While
momentum will naturally taper off into 4Q, new contributors like Moonlight Blade Mobile
and LoL: Wild Rift will likely continue to pave the path forward to growth in 2021 and
Fintech remained solid, likely growing 26% in 3Q and expected to continue its momentum.
But Macquarie felt there will be a limited profit margin expansion for the time being.

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