JPM Raises TENCENT TP to $430, Rating Overweight
The broker anticipated that TENCENT's domestic digital entertainment business will inevitably decelerate as it matures, with its revenue CAGR in 2022-27 projected to be 5%.
Fintech, cloud services, advertising and international game business, instead, will become the group's long-term growth drivers and push the revenue growth to reach mid-teens CAGR.
The broker forecast that the long-term growth drivers of TENCENT will increase their earnings contribution from 40% of group profit in 2022 to 70% in 2027. Given the group's strong long-term earnings growth outlook, its current share price was viewed as offering a decent entry opportunity for long-term investors.
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星火 : sister! Teach me how to invest