Analysts say shares of China's Tencent are still a buy despite its dismal earnings

div > div.group > p:first-child"> Chinese tech juggernaut Tencent posted on Thursday its slowest profit growth in 13 years, but analysts say shares in the company are still worth buying.

Over at Jefferies, which raised its price target on Tencent's stock to 420 Hong Kong dollars, analysts said weakness in the company's games division last quarter was"largely expected," though a strong initial performance by the company's first major mobile title of 2019,"Perfect World Mobile," and a robust pipeline should provide a"growth buffer for FY19 mobile game revenue.

That was partly due to a slowdown in growth at its mobile gaming division, which was hit by a nine-month backlog in 2018 as a result of increased scrutiny from the Chinese government on video games. The firm, best known for creating China's largest messaging app, WeChat, is a gaming powerhouse with stakes in companies such as Activision Blizzard and Ubisoft.

Citi's Yap echoed that view, saying:"We do believe right now is very diligently moving ahead on the approval process," though domestic titles were likely to be prioritized over foreign ones.

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