Credit Suisse raised its target price for Tencent Holdings (00700) to HK$619 from HK$440, and upgraded the stock to "outperform" from "neutral".
The research house said noted clearer signs of WeChat Payment emerging as one of the
leading mobile wallets in China. It expects Tencent to tap into an estimated RMB18tn electronic payment market in China with revenue opportunities of RMB22.8bn by 2015.
Credit Suisse also expects mobile payment and financial products distribution to create a value of US$25.7bn.
It also believes Tencent could see margins upside with mobile games revenue starting to kick in. Basic math suggests that mobile games could bring in an additional US$600mn of profit.
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