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00700 TENCENT
RTNominal up303.800 +1.800 (+0.596%)
Others

06/07/2020 18:01

{I-bank focus}BofA raises Tencent Holdings (00700) to HK$612

[ET Net News Agency, 6 July 2020] BofA Global Research raised its target price for
Tencent Holdings (00700) to HK$612 from HK$522 and maintained its "buy" rating.
Tencent will report its 2Q result on 12 August. The research house expects 2Q revenue to
continuously be driven by monetization of its top mobile games: HoK and PUBG/ Peacekeeper.
Ad revenue could see deceleration as online businesses cut back spending while corporate
activities of traditional advertisers have not fully recovered.
BofA modeled (1) total revenue of RMB113bn (up 27%) on back of 21% in ad, 8% QoQ (up
69%) in mobile games, and 29% growth in fintech & biz services; (2) IFRS operating profit
of RMB31bn, up 12% assuming smaller Other Net Gains, or 24% if ex-Others. (KL)

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