Tencent rises most in 2 weeks after strong Q3 results
** Shares of Chinese technology company Tencent Holdings 0700.HK rise as much as 2.8% to HK$415, on course for the biggest one-day pct gain since Nov. 1, after posting higher quarterly revenue
** Stock is the third-biggest gainer in Hang Seng Index .HSI and fifth-biggest in Hang Seng Tech Index .HSTECH, which decline 0.6% and 1.1%, respectively
** Tencent posted on Wednesday an 8% rise in third-quarter revenue, extending momentum in its gaming business
** Jefferies maintains "Buy" on the stock and raises price target to HK$543 from HK$540, saying Tencent gains market share through ad tech upgrade and margin expansion story is intact
** Citi keeps "Buy" rating, saying Tencent reported solid 3Q24 with total revs came inline
** Nomura also maintains "Buy", saying Tencent revenue in line with profit beat on non-operating items
** Hang Seng Commerce & Industry Index .HSNC slips 0.9%
** Tencent stock up 38.9% YTD
Reporting by Donny Kwok
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
