Tencent Remains a Strong Buy With a Fair Value Estimate of HKD 499 per Share
We are reducing the fair value estimate of wide-moat Tencent to HKD 499 per share from HKD 590 per share and we continue to think Tencent is undervalued. We now expect a 10-year CAGR of 20% for operating profit, compared with 29% previously, and a 10-year CAGR of 19% for revenue versus 29% previously. The others revenue segment, which is mainly composed of payment and cloud, has slowed down faster than our expectations in recent quarters, leading to a 10% reduction in our 10-year others revenue ...
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