Nomura lowered its target price for Tencent Holdings (00700) to HK$428 from HK$430 and maintained its "buy" rating.
The research house said Tencent's revenue missed slightly, while non-GAAP earnings beat by 8%, mainly on higher non-operating income. Online gaming revenue and Fintech business revenue were largely in line with market expectations, while the ads segment likely disappointed.
Nomura thinks these trends for Tencent's business segments will likely sustain into 2H as it has yet to see signs of improvement in either the macro or industry landscapes. It revised its FY2019 revenue/EPS forecasts by -1%/+9% on higher non-operating income and margins.
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