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2009-6-16 10:56:00 a.m. HKT, XFNA
DJ MARKET TALK: Goldman Raises Tencent Target To HK$96 From HK$92
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| 1023 [Dow Jones] STOCK CALL: Goldman Sachs raises Tencent (0700.HK) target to HK$96.00 from HK$92.00 after increasing 2010 EPS forecast by 4% to HK$3.70, raising 2011 EPS forecast by 4% to HK$4.48 to reflect faster 2010-2011 internet VAS growth due to lagged impact of game user growth on game revenue growth. Keeps Buy. "We expect a boom in user payments for online content and applications in China and are increasingly confident that Tencent will benefit the most from this boom given its significant success in publishing Korean games has vaulted it to the most preferred-partner status for overseas developers looking for China publishers." Says, Tencent's new Xiaoyou social network could solidify leadership of its Q-zone community against challengers such as Kaixin001, Xiaonei. Stock off 1.7% at HK$87.70; HSI down 1.0%. (LWS) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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