Tencent rises most in 2 weeks after strong Q3 results
14/11/2024 02:39
** 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)
((donny.kwok@thomsonreuters.com))