TECHNICAL ANALYSIS

Tencent was in a consolidation phase over the past 2 months; it then broke out and stayed above the MA 50 line for the past 2 trading days. The medium-term uptrend is still intact as it did not retrace below the MA 200 line during the market downturn in HK. Coupled with indicators showing an uptick in momentum, the share price is expected to go higher. However, do take note that the RSI has a near overbought position.

Fundamentals

Net profit is expected to grow at a CAGR of 17% for the next 3 years with improved margin estimated to be above 22%.

Source: Rakuten Research - 27 Mar 2023

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