HSBC Global Research lowered its target price for Tencent Holdings (00700) to HK$430 from HK$464 and maintained its "buy" rating.
The research house said Tencent's share price has corrected by 20% since mid-April as
trade tensions re-escalated and fundamentally on weak advertising due to macro challenges and rising supply of short video inventories.
But HSBC remains confident that its unique mini program ecosystem is embedded with unexplored monetisation opportunities and success validated by large brands (e.g. Uniqlo saw better user conversion and retention ratio).
HSBC cut its FY2019-21 adjusted EBITDA by 1-4% on higher content costs and mix shift to lower-margin segments.
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