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Goldman raises Tencent (00700) to HK$535

 Goldman Sachs raised its target price for Tencent 
(00700) to HK$535 from HK$438, and maintained its "buy" rating.
  Such target price change is building on continued strong performances of Tencent's 
mobile/PC games, fast growing P4P/native advertising business, and robust topline growth 
and market share gain in both online video and payment despite sizable margin drag by the
former.
  Goldman Sachs maintains its bullish stance on Tencent and forecast 4Q17 revenue/non-GAAP
net income of Rmb68.9bn/17.4bn, +57%/41% yoy. It raises 2018E/19E total revenue and
non-GAAP net income estimates to Rmb335.4bn/Rmb453.5bn and Rmb90.3bn/Rmb117bn, +2%/+9% and
+6%/+10% from its prior estimates, respectively, driven largely by dominance in online 
gaming and optimistic revenue prospects in other segments. 

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