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24007 BITENCT@EC2209B (CALL)
RT Nominal unchange0.020 0.000 (0.000%)

21/05/2021 13:59

{I-bank focus}Credit Suisse cuts Tencent (00700) to HK$750

[ET Net News Agency, 21 May 2021] Credit Suisse cut its target price for Tencent
Holdings (00700) to HK$750 from HK$800 and maintained its "outperform" rating.
The research house said Tencent's 1Q revenue was in-line, while adjusted net profit was
slightly behind. Mobile games beat and the online ad was in-line. Ad GPM was below
expectation due to mix shift toward mobile network ads.
Management plans to re-invest a portion of incremental profits (implying FY2021 adjusted
earnings growth to cap at 22%) to capture structural opportunity. Credit Suisse cut its
2021-22 by 5%/4% to reflect that. It reckoned that street numbers need to come down amid
investment and slower monetisation, but it should not affect Tencent's longer-term
potential from its game pipeline, monetisation upside from the Weixin ecosystem. (KL)

Remark: Real time quote last updated: 21/01/2022 17:59
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