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Research Report

25/01/2021 10:25

{I-bank focus}Citi lifts Tencent Holdings (00700) to HK$876

[ET Net News Agency, 25 January 2021] Citi Research lifted its target price for Tencent
Holdings (00700) to HK$876 from HK$734 and maintained its "buy" rating.
With an inspiring improvement in mini-program GMV (gross merchandise value) transaction
in 2020 and new traction of video accounts, as well as deeper integration of connecting
users with daily lifestyle services need (municipal, transport, healthcare, etc.), the
research house sees monetization upside from multiple growth drivers (search, commerce
transaction, and video social graph) for Weixin.
Together with expanding market share in the global gaming market, strengthening content
IP portfolios as well as a gradual improvement in its business service traction from
enterprise customers, Citi remains positive on Tencent's growth outlook. It adjusted its
2020-23 revenue and non-GAAP net profit slightly. (KL)

Remark: Real time quote last updated: 24/09/2021 15:14
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