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24007 SG-HSBC@EP2409A (PUT)
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21/05/2021 14:55

{I-bank focus}Macquarie cuts Tencent (00700) to HK$719

[ET Net News Agency, 21 May 2021] Macquarie Research cut its target price for Tencent
Holdings (00700) to HK$719 from HK$778 and maintained its "outperform" rating.
The research house said Tencent reported 1Q above market expectations on revenues but
broadly in-line core earnings. Headline operating profit was boosted by valuation gains
from affiliates (e.g. Meituan) but net profit was lower given heavy investment from those
same assets.
Overall, Macquarie sees it as an encouraging 1Q and read into the remainder of the year,
even with the investment cycle kicking in. It lowered its FY2021/22 EPS forecasts by 3%/7%
given heavy investment. (KL)

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