Rakuten Trade Research Reports

Foreign Equities (US): TENCENT HOLDINGS LTD

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Publish date: Thu, 16 May 2024, 03:10 PM
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TECHNICAL ANALYSIS

Tencent may trend higher after forming a long white candle and hitting a new 52- week high two sessions ago. The stock broke above the HKD374 resistance, coupled with its rising EMAs, further indicating that the near-term bullish trend may persist. We expect the rising momentum to steer the stock higher and test the next resistance in the near term.

Fundamentals

Net profit is expected to grow at a CAGR of 10% for the next 3 years with strong net margins around 30%.

Source: Rakuten Research - 16 May 2024

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