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Nomura Tencent (00700)
Rating: Buy
Indicative price: 520 yuan -> 492 yuan (27.2% potential increase over the previous closing price of 386.8 yuan)
Nomura released a report, that Tencent's second-quarter results may disappoint the market and bring down the target price to 492 yuan.
Nomura expects Tencent's mobile gaming sales to drop by 18% quarter-on-quarter in the second quarter, up 17% to 12 billion RMB from a year earlier. In addition, Tencent's "Peace Survival" (PUBG), although popular, has been affected by the "Korean limit" and has not been approved for the required license, making the game still unable to earn money. # 39; money. Due to the lack of new games launches and seasonal factors, the turnover of mobile gaming has slowed down, Nomura estimates that Tencent's revenue in the second quarter rose 31% to RMB 74 billion , non-GAAP (non-GAAP)) Earnings per share rose 2% to 1.76 yuan, two levels below market expectations.
The bank lowered Tencent's 2018 and 2019 earnings guidance by 7% and 10%, and the valuation was 45 times the 2018 forecast PER.
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