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25/03/2021 17:38

{I-bank focus}Goldman tweaks Tencent (00700) to HK$920

[ET Net News Agency, 25 March 2021] Goldman Sachs cut slightly its target price for
Tencent Holdings (00700) to HK$920 from HK$929 to reflect changes in net cash and
maintained its "buy" rating.
The research house said Tencent reported a broadly in-line print. Despite recent
concerns over tightening regulatory measures and market volatility, which resulted in
shares correcting 19% from its peak in January, Goldman views these concerns as not
incremental.
It noted that the firms expand the library of game IP, studios and 2 blockbusters await
launch, robust demand for Weixin moments ads equipped with improving ads algorithm, steady
growth in Fintech & cloud business and new initiatives all support a positive risk-reward
profile positioning Tencent with scope for additional upside.
Goldman fine-tuned its 2021-22 revenue estimates by 0.1-0.4%. (KL)

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