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17437 DSTENCT@EC2601A (CALL)
RT Nominal up0.165 +0.013 (+8.553%)

16/01/2024 14:24

{I-bank focus}HSBC lowers Tencent (00700) to HKD380

[ET Net News Agency, 16 January 2024] HSBC Global Research lowered its target price for
Tencent (00700) to HKD380 from HKD415 and maintained its "buy" rating.
The research house said it lowers assumptions for 2024 domestic games and online ad.
While there are a few games in the pipeline, given the large base from legacy games and
the time required to ramp up party games, it cuts 2024 domestic game growth to 3% from 5%.
It now forecasts online ad growth at 11%, in line with industry levels. Overall, it cuts
2024e-25e revenue by 3% and earnings by 10-11%. (RC)

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