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.

Cent , five cent , ten cent , dollar hahaaaaa , Google Colin Lucas dollar wine on YouTube , that's the song to play for this one lolllllllllll go for it u will like it , they can use it for their TV commercials !!!!!

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tencent Music meets profit estimates in first earnings report, shares fallChina-based music streaming company Tencent Music Entertainment Group on Tuesday...
Source: Reuters - 🏆 2. / 97 Read more »

Shares of Xiaomi plunge despite the Chinese tech giant besting earnings expectationsChinese smartphone maker Xiaomi saw its stock swoon during Wednesday trade despite posting a fourth-quarter earnings report that beat expectations the previous day. Goood
Source: CNBC - 🏆 12. / 72 Read more »

Tencent Music hits low pitch after first earnings report exposes costsChinese streaming firm Tencent Music Entertainment Group delivered its first ear...
Source: Reuters - 🏆 2. / 97 Read more »

Analysts expecting 'tough quarter' for Micron's earnings reportWall Street analysts have low expectations for Micron's earnings report.
Source: CNBC - 🏆 12. / 72 Read more »

Micron's stock could drop another 15% on make-or-break earnings report: AnalystThe chipmaker's upcoming earnings report will be critical in determining where its stock goes next, experts say.
Source: CNBC - 🏆 12. / 72 Read more »