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<Research>G Sachs: TENCENT (00700.HK) TP $521 in Base Case/ $574 If Incorporating in 2030-2035 Blue-sky Outlook
Recommend 16 Positive 40 Negative 10 |
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Goldman Sachs' target price for TENCENT (00700.HK) is $521 in its base case scenario, Goldman Sachs issued a research report saying. The premise is that the current economic situation remains unchanged and will not deteriorate further, as well as a benign regulatory environment for domestic games. Based on the SOTP valuation, Goldman Sachs applied a 2025 PE ratio of 14x for TENCENT's domestic games, 21x PE ratio for international games, 22x PE ratio for online advertising, 17x PE ratio for fintech, and 5x PS ratio for business services, with an additional investment portfolio value of $108 and a 10% discount to holding companies for value calculation. It is worth $574 per share if the Company is included in the 2030-2035 Blue-sky outlook, Goldman Sachs added. The premise is that TENCENT maintains its leadership across domestic games, social media and fintech, while further expanding its market share in advertising, international games and business services. AAStocks Financial News |
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