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00700 TENCENT
RTNominal up339.000 +6.600 (+1.986%)
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07/12/2018 15:40

[I-bank focus]Tencent (00700) current 29x PE attractive - MS

[ET Net News Agency, 7 December 2018] Morgan Stanley highlighted that 25x 2019 non-GAAP
EPS (or HK$265) as a key support level and potential entry point into Tencent Holdings
(00700) versus the range of 25-40x since 2014.
The research house thus reiterated that the current 2019 P/E of 29x is attractive,
particularly for long-term investors.
Morgan forecast Tencent's total game revenue growth at 8% YoY in 2018e versus 38% in
2017, mainly owing to the suspension of the game approval process. It expects game revenue
growth to accelerate to 17%-20% from 2Q 2019, assuming the game approval process will
resume in 1H 2019 with more new game contributions.
It reiterated its "overweight" rating on Tencent, with a target price of HK$370. (KL)

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