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2009-5-20 04:23:00 p.m. HKT, XFNA
DJ MARKET TALK: Tencent Game Revenue Growth To Remain Strong-CLSA
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| 1613 [Dow Jones] STOCK CALL: CLSA notes Tencent's (0700.HK) games continue to top Baidu's search ranking, accounting for 30% of game search activities in 1Q09, 23% in April. "2Q will be a seasonally slower quarter for Tencent given school exams, but online game revenue growth should remain strong at 150% (on-year)," says CLSA. Keeps at Buy, as says valuation still reasonable at 24X FY10 P/E; target at HK$96 implies 28X FY10 P/E. Stock ends +0.1% at HK$79.45. (SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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