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00700 TENCENT
RTNominal unchange304.400 0.000 (0.000%)
Research Report

21/05/2021 10:48

{I-bank focus}Daiwa cuts Tencent Holdings (00700) to HK$850

[ET Net News Agency, 21 May 2021] Daiwa Research cut its target price for Tencent
Holdings (00700) to HK$850 from HK$870 and maintained its "buy" rating.
The research house said Tencent's 1Q results came in without meaningful surprises.
Management plans to step up investments in several key strategic areas, likely leading to
near-term margin pressure. Daiwa sees its revenue growth visibility improving in 2H on
strong demand for cloud services and a rich game pipeline.
Daiwa lowered its 2021-23 earnings forecasts by 2-8% to factor in higher investments in
R&D and selling costs. (KL)

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