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Jefferies lifts Tencent (00700) to HK$445
Jefferies Research lifted its target price for Tencent Holdings (00700) to HK$445
from HK$405, and reiterated its "buy" rating.
The research house said Tencent's 3Q result was a solid print led by online game,
digital content, payment and cloud. Jefferies expects its mobile survival games to show
strong gamer enthusiasm as China's mobile gaming turns increasingly social-driven.
Cross-media IP strategy drives synergy across its content-related business. Near-term
impact on news ad product due to optimization effort does not change its long-term view of
Tencent's ad share gain, the research house said.
Jefferies revised up FY2017/18 revenue estimates by 2.2%/5.3% and earnings forecasts by
1.5%/2.8%.

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