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10/02/2021 10:42

{I-bank focus}Nomura ups Tencent Holdings (00700) to HK$864

[ET Net News Agency, 10 February 2021] Nomura lifted its target price for Tencent
Holdings (00700) to HK$864 from HK$690 and maintained its "buy" rating.
The research house anticipates Tencent's 4Q 2020 revenue to grow 26% to CNY133bn, while
non-GAAP operating margin is likely to expand 0.8pp to 26.5%. It expects non-GAAP EPS to
come in at CNY3.43, up 30%.
For Tencent's Fintech and cloud business, Nomura now looks for 24% YoY/12% QoQ growth in
revenue, at par with 24% growth in 3Q. It revised its total revenue forecasts by
+1%/-1% for FY2020/21. (KL)

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