Goldman Sachs: Tencent TP at $521 Base Case, $574 with Blue-sky Scenario
Goldman Sachs has set $TENCENT (00700.HK)$ ’s target price at $521 in a base case scenario, assuming no further economic deterioration and a stable regulatory environment for domestic games.
For 2025, Goldman Sachs applied these valuation multiples:
14x PE for domestic games
21x PE for international games
22x PE for online advertising
17x PE for fintech
5x PS for business services
21x PE for international games
22x PE for online advertising
17x PE for fintech
5x PS for business services
Additionally, the investment portfolio was valued at $108 with a 10% discount applied for holding companies.
In a Blue-sky scenario (2030-2035), assuming Tencent maintains dominance in domestic games, social media, fintech, and expands in advertising, international games, and business services, the target price could rise to $574 per share.
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