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2009-6-1 11:01:00 a.m. HKT, XFNA
DJ MARKET TALK: Tencent Off 1.6%; Off Goldman Conviction Buy List
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| 1041 [Dow Jones] Tencent (0700.HK) down 1.6% at HK$85.00, vs HSI's 2.1% gain, likely due to Goldman Sachs' removal of stock from Conviction Buy list, as stock has met prior target price of HK$85.00 following sharp outperformance; stock +84% since addition to Conviction Buy list on Dec. 15, vs MSCI China's 29% over same period, likely supported by rotation into internet sector, 1Q net profit +94% on-year. House raises target to HK$92.00 vs HK$85.00, after raising target multiple to 25X FY10 non-GAAP EPS from 23X, based on peer stock multiples, FY10-FY13 revenue and earnings CAGRs of 20%. Keeps at Buy. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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