JP Morgan raised its target price for Tencent (00700) to HK$580 from HK$506, and maintained its "overweight" rating.
The research house estimated China's total gaming market to grow 27% in 2014 to reach
RMB107bn, predominantly driven by mobile games (+77% YoY). China's mobile games market should reach RMB23bn in 2014, representing 21% of the total gaming market or 29% of the PC gaming market.
JPM estimated Tencent to generate RMB8.2bn net revenue from mobile gaming in 2014, representing 48% of the mobile gaming market. Hence, the house increased its 2014 revenue and EPS forecast by 6% and 7%.
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