HK-listed Tencent snaps four-session rally after Q1 results

Reuters2021-05-21

** Shares of Chinese gaming and social media giant Tencent Holdings Ltd fall as much as 3.5% to HK$587.50, their biggest intraday drop since April 7

** Stock biggest loser in both Hang Seng Index and Hang Seng Tech Index , set to snap four-session rally

** Tencent reported on Thursday a forecast-beating 65% rise in quarterly profit, while management reiterated the company's focus on compliance as China steps up scrutiny on tech giants

** Nomura maintains "buy" on the stock but trims TP to HK$731 from HK$780, saying Tencent reported a largely in-line Q1 revenue but slightly lower earnings

** Jefferis maintains "buy" on the stock saying Q1 results is inline with expectations, while genre diversification gaming, enrichment of content offerings and embracing digitization opportunities will drive its long-term growth

** The information technology sub-index slips 0.2%, while the Hang Seng Tech Index rises 1.3%

** The Hang Seng China enterprises index climbs 0.5% and HSI edges down 0.02%

** Stock up 8% this year as of last close

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
13