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Nomura ups Tencent Holdings (00700) to HK$458
Nomura lifted its target price for Tencent  Holdings (00700) to HK$458 from
 HK$380 factoring in the value of the Sogou and China  Literature (00772) stakes
 and maintained its "buy" rating.
  The research house sees margin pressure continuing in 3Q as the non-GAAP operating 
margin remains on a downward trend, likely driven by investment in video content and 
higher revenue contributions from payment and cloud businesses.
  Nomura noted that ad revenue on Tencent Video remains robust at over 70% growth, while 
Tencent Video has gained traction in the past quarters and has achieved leadership in
online video vertical, on the huge content library (both original and exclusive licence
content).
  It raised its FY2017/18 earnings forecasts by 7%/5% on higher revenue estimates.

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