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24007 SG-HSBC@EP2409A (PUT)
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21/05/2021 16:32

{I-bank focus}HSBC cuts Tencent Holdings (00700) to HK$775

[ET Net News Agency, 21 May 2021] HSBC Global Research cut its target price for Tencent
Holdings (00700) to HK$775 from HK$796 and maintained its "buy" rating.
The research house noted that Tencent will spend a portion of its incremental profits in
2021 to invest in three key areas, namely business services, games, and short-form video.
Hence, HSBC cut its 2021 adjusted net profit forecast by 13% to factor in more content,
bandwidth, R&D and sales and marketing cost.
HSBC believes the investment can cement Tencent's position in the global games market,
unlock new monetization opportunities in advertising and improve cloud offerings. (KL)

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