Goldman Sachs is optimistic about Tencent: one of the Chines...

Goldman Sachs is optimistic about Tencent: one of the Chinese internet giants with the greatest potential for growth, and has full confidence in management. Goldman Sachs Group released a research report on Thursday saying that the bank recently had discussions with Tencent's Chief Strategy Officer James Mitchell and Tencent's investor relations team. Goldman Sachs believes that although Tencent is under short-term pressure from the macro environment in mobile advertising networks, media advertising, and fintech/commercial payments, the accelerated revenue growth in gaming, video accounts, wealth management, and SaaS businesses has basically offset this impact. Goldman Sachs said that Tencent is still one of the most visible and sustainable profit growth potential among Chinese internet giants. It has full confidence in Tencent's management's clear strategy in various business lines and maintains a buying rating. The target price for 12 months is HK$464, which has 24.5% upside compared to the current stock price.