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Research Report

02/02/2021 15:11

{I-bank focus}HSBC lifts Tencent Holdings (00700) to HK$854

[ET Net News Agency, 2 February 2021] HSBC Global Research lifted its target price for
Tencent Holdings (00700) to HK$854 from HK$691 and maintained its "buy" rating.
The research house expects Tencent's top-line/adjusted operating profit to rise 26%/18%
in 4Q (scheduled to report in March), and for advertising to surprise on the upside as CPM
(Cost Per Mile) ticks up amid tight competition with a broad range of inventory.
HSBC trimmed its 4Q mobile game revenue estimate by 12% but is optimistic about the
robust game pipeline in 2021 - 43 games (27 with monetization approval) and monetization
opportunities in its ecosystem. HSBC raised its 2021/22 earnings estimates by 3%/6%. (KL)

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