Tencent rose more than 2% today, and its share price hit another new listing high. by the close, Tencent was up 2.46% at HK $308.4, with a turnover of HK $5.296 billion, a turnover of 17.3092 million shares and a market capitalization of more than HK $2.9 trillion.
A number of institutions are optimistic about Tencent. Fu Rui Group released a report saying that Tencent's multi-model business is more obvious, with a price increase of 16% to HK $352, with a rating of "buy".
In addition, according to the report, Fu Rui is bullish on Tencent's advertising revenue, raising its forecast for advertising revenue this year by 8.5% to 39.4 billion yuan (RMB. The same below), the group is expected to account for 67% and 70% of the social advertising market from 2017 to 2018, while Tencent is expected to account for 10% and 11% of the overall online advertising.
Furui Shengtenxun second quarter revenue forecast of 1.3% to 52.6 billion yuan, in line with market expectations. Fu Rui raised its adjusted profit by 1 per cent to 14.7 billion yuan, higher than market expectations. In addition, Fu Rui raised Tencent's income forecast for this year and next year by 2.5% and 5%, and also raised profit forecasts by 2.6% and 14.8%.
Bank of America Merrill Lynch released a report that raised Tencent's target price to HK $331 from HK $299, maintaining its "buy" rating.
Nomura issued a report reiterating Tencent's "buy" rating and raising its target price from HK $301 to HK $341, saying Wechat's "Mini Program" was making progress.