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Technology Stocks : Tencent

TCEHY 81.20

+1.2%

10:22 AM EST

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From: Lynn	6/27/2018 12:25:52 AM
	Read Replies (1) of 65

This is from a Morgan Stanley research report written 22 June 2018 evaluating Naspers' (NPSNY) earnings. Naspers has quite a stock portfolio [it's shares of TCEHY are worth more than NPSNY's core business!] and sections on it's publicly traded holdings are included in the report. Here's the TCEHY part: Tencent Holdings (covered by Grace Chen, HKD508) We derive our HK$508 price target using a sum-of-the-parts approach, including a HK$494/share DCF value for the core business and HK$14/share for associate investments. Our key assumptions for the core business DCF model include a 10% discount rate and 3% terminal growth rate. Listed associates are valued on current market cap, while unlisted associates are valued on carrying value provided by the company. Risks to Achieving Price Target: Unfavorable regulatory developments; a macro slowdown in China; intensified competition in social networks; higher-than-expected investments in content.

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