New Street: Tencent 1Q21 Results - Results Largely Inline; Emphasis on Continued Investments Going Forward
What's new: Tencent’s reported 1Q21 results came in largely in-line with our expectations. The company plans to step up investment in areas such as business services, high production value games, and short form videos which could weigh down margins in the near-term. We maintain our PT at HKD700, which implies a 31.6x FY22E P/E. We reiterate our BUY rating.Analysts:
Jin Yoon
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