Tencent's Dominant Mobile Gateway and Strength in Gaming Makes It a Top Thematic Pick

Tencent 3Q17: Results Beat Estimates on Soaring Topline; '3x10 Billion' Initiative Launched

Tencent Focuses on Content and Technology for 2018. Stocks Continues to Move Higher.

Tencent's WeChat Is China's Dominant Mobile Gateway

Tencent 2Q17 Earnings: Advertising & Payments Take Center Stage as Firm Shows Strength Beyond Gaming

Tencent Delivered Strong Growth in Each Key Business Line; Increase FVE to HKD 344 (USD 44)

Tencent's Honor of Kings Was Criticized by People's Daily; Maintain FVE

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Equity Bottom-Up

<p>We updated our price target and forecasts for <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> recently ahead of the 2Q result. Our price target moved from HK$260 to HK$371. The increase was due in part to the forecast changes (around $30 of the increase) but the major driver was a reduction in the discount rate we use for our DCF valuation (to 10% from 12%). To some extent we are falling into line with the share price (now HK$327), but our view on Tencent and <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba (BABA US)</a> is evolving and we think they can justify a lower…</p>

We updated our price target and forecasts for Tencent (700 HK) recently ahead of the 2Q result. Our price target moved from HK$260 to HK$371. The increase was due in part to the forecast changes (around $30 of the increase) but the major driver was a reduction in the discount rate we use for our DCF valuation (to 10% from 12%). To some extent we are falling into line with the share price (now HK$327), but our view on Tencent and Alibaba (BABA US) is evolving and we think they can justify a lower…

Tencent Continues to Surge past Expectations. Its Earnings Flexibility Makes It a Core Holding.