Morgan Stanley: Tencent Holdings' first-quarter performance is stable, rating "Overweight"
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JP Morgan released a research report stating that Tencent Holdings' first-quarter performance is robust, with revenue from games and online advertising accelerating to over 20%, demonstrating the group's unique advantages that enable sustainable profit growth. Furthermore, although increased capital expenditure in the second half of the year will impact profits, the group's first-quarter earnings per share growth rate still exceeds revenue growth, and it is expected that its stock price will respond positively in the short term. The bank set a target price of HKD 600 for Tencent, with a rating of "Overweight."
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