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23047 MBTENCT@EC2110A (CALL)
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25/03/2021 11:40

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

[ET Net News Agency, 25 March 2021] Nomura lifted its target price for Tencent Holdings
(00700) to HK$864 from HK$780 and maintained its "buy" rating.
The research house said Tencent's 4Q 2020 non-GAAP operating margin was 1.2pp below
Nomura's estimate due to lower gross margin and higher R&D and G&A expenses. Non-GAAP EPS
came in at CNY3.41, largely in line with Nomura's forecast.
Nomura expects that mobile gaming revenue will likely slow in FY2021 due to the base
effect. It modeled 19% growth in FY2021 versus 56% last year.
It trimmed its FY2021/22 revenue estimates by 1%/2% and EPS forecasts by 2%/3%. (KL)

Remark: Real time quote last updated: 17/09/2021 17:59
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