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24/05/2021 11:09

{I-bank focus}Goldman cuts Tencent (00700) to HK$906

[ET Net News Agency, 24 May 2021] Goldman Sachs lowered its target price for Tencent
Holdings (00700) to HK$906 from HK$920 and maintained its "buy" rating.
The research house said Tencent reported broadly in-line 1Q results. While Goldman
believes the launches of LoL: Wild Rift could serve as a major mobile games growth
catalyst in 2H 2021-2022, Tencent's accelerated investments into high production-value
games, emerging genres and frontier game-tech should serve as multi-year growth engines
for its game business.
Goldman kept its 2021-23 revenue estimates largely unchanged while revised down 2021 net
profit by -5% to reflect the company's recent investments in new opportunities. (KL)

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