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00700 TENCENT
RTNominal down340.200 -4.000 (-1.162%)
Research Report

16/11/2020 17:02

Guotai Junan raises Tencent Holdings (00700) to HK$700

[ET Net News Agency, 16 November 2020] Guotai Junan International raised its target
price for Tencent Holdings (00700) to HK$700 from HK$590 and maintained its "buy" rating.
The research house said Tencent's 3Q non-IFRS net profit was up 32.3%, higher than the
market expectations, primarily due to the higher growth of the online games business.
Guotai Junan thus revised up its 2020-22 online games revenue by 6.9%, 4.6% and 3.7%,
respectively, due to expected (1) outstanding performance of the company's newly launched
smartphone games in 4Q, such as Moonlight Blade Mobile, and (2) rich game pipeline in
2021.
It forecast the growth of Media advertising to start to turn positive in 4Q due to the
expected rally of the online advertising industry. (KL)

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