[ET Net News Agency, 16 November 2017] Citi Research lifted its target price for
Tencent Holdings (00700) to HK$482 from HK$392, and mainatined its "buy" rating.
The research house said Tencent's 3Q total revenues further accelerated to 61% yoy,
Thanks to robust smartphone games revenues growth (+84% yoy), +100% yoy video revenues and
143% yoy in payment/financial services and cloud revenues.
While the declining trend of gross margins (partly due to revenues mixed shift and
partly on content and mobile channel fee) is likely to continue, overall profit growth
will be supported by robust top-line growth and operating leverage, Citi said.
It adjusted its 2017-19 revenus/EPS forecasts by +5.7%/+8.2%, +10.4%/+3.4% and
+12.4%/9.3%, respectively, on stronger games and subscription revs growth. (KL)
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00700 TENCENT
Nominal 
339.400 -4.800 (-1.395%) Others
16/11/2017 16:10
[I-bank focus]Citi lifts Tencent Holdings (00700) to HK$482
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