$Citigroup (C.US)$$Tencent (TCEHY.US)$ Citi: Maintain "Buy" ...

$Citigroup (C.US)$ $Tencent (TCEHY.US)$
Citi: Maintain "Buy" rating of Tencent Holdings, target price of HK$703

Citi issued a research report saying that the Game Developers Conference demonstrated Tencent Holdings’ leadership in the industry and its commitment to using technological innovation to develop new games. It maintains a “buy” rating with a target price of HK$703. According to the report, Tencent believes that technological breakthroughs in areas such as Unreal Engine 5 and VR are essential to further enrich the gaming experience, because users require higher-quality designs and diversified types. The company is promoting the overseas expansion of ACG games in markets such as Japan. Last year, 40% of these new games in the market came from Chinese companies, compared with 20% in 2019