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Research Report

18/11/2020 16:40

{I-bank focus}JP Morgan raises Tencent (00700) to HK$655

[ET Net News Agency, 18 November 2020] J.P. Morgan raised its target price for Tencent
Holdings (00700) to HK$655 from HK$620 and maintained its "overweight" rating.
The research house said it is unlikely that Fintech's revenue and margin will surprise
the market in the coming quarters as Tencent management is likely to manage loan exposure
in a controlled fashion, but JPM believes Tencent's Fintech business has been growing
stronger fundamentally, given increasing user penetration of non-payment financial product
adoption among payment users.
JPM believes Tencent's Fintech business remains under-monetized and under-appreciated by
investors. It expects Fintech revenue growth will be managed at a healthy pace in the near
future. It values Tencent's Fintech at US$147bn (or HK$119/share). (KL)

Remark: Real time quote last updated: 13/04/2021 17:38
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