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Research Report

01/02/2021 16:56

{I-bank focus}JP Morgan lifts Tencent (00700) to HK$850

[ET Net News Agency, 1 February 2021] J.P. Morgan lifted its target price for Tencent
Holdings (00700) to HK$850 from HK$655 and maintained its "overweight" rating.
With a successful introduction of Weixin Channels, the research house is more positive
on Weixin's long-term monetization outlook. In its base case of scenario analysis, JPM
estimated that Weixin Channels will generate Rmb76bn ad revenue in 2024, with further
potential upside from live streaming tipping and social e-commerce.
At an NPM assumption of 40% and 25x 2024 PE, Weixin Channels could bring US$110bn
incremental value to Tencent, JPM noted. More importantly, it expects Weixin Channels will
help Tencent gain time spend from incumbent digital content operators, leading to a
stronger strategic position in China's Internet space.
JPM believes the upcoming Kuaishou IPO will be a key catalyst to Tencent for (1)
Tencent's 20%+ shareholding in Kuaishou, and (2) the establishment of a liquid valuation
benchmark for Weixin Channels. (KL)

Remark: Real time quote last updated: 13/05/2021 17:59
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