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CompanyReportOutperformTENCENTHOLDINGS(00700.HK)(prior：Buy)Thegrowthof2H2010willslowdownTP：HK$170.00Tencentannouncedits1H2010report.ItstotalrevenuerecordedRMB8.89bnandnetprofittoreachRMB3.73bn,representing68.7%Currentprice：HK$134.50and66.1%YoYgrowth.Basicanddilutedearningspersharefor1H2010wereRMB2.039andRMB1.990respectively.WeareoptimisticChinaMerchantsSecurities(HK)JasonLiangaboutTencent’slongtermpotential,butwethinkthattheYoYgrowth0755-83168924of2H2010willbeslowdown.liangliang@cmschina.com.cnTencent’sInternetvalue-addedservices(“IVAS”)registeredrevenuegrowth,12Aug2010mainlydrivenbyincreasedmonetisationofCrossFire,contributionsfromKeydataTencent’srecentlylaunchedonlinegamesandgrowthofcommunityHSIIndex21294.54value-addedservices.HSCEIIndex11737.63S/O（mn）1819Forthethirdquarterof2010,thecompany’sonlinegamesmaybebenefitS/O(HK)（mn）1828271757frompositiveseasonalityduetosummerschoolholidays.However,theMktcap(HK)(mn)BVPS（HKD）8.53year-on-yeargrowthrateoftheoverallIVASbusinessisexpectedtoslowdowncomparedtothepreviousyearasitalreadyhasreachedarelativelyMajorshareholderHolding(％)largerrevenuebase.50.89FreefloatIndustryTencent’sonlineadvertisingbusinessgrewsignificantlyduringthequarter,mainlyduetofavourableseasonalityandtheirsuccessfulleveragingofShareperformancemajorevents,includingtheWorldCupandtheWorldExpo,togenerate%1m6m12madvertisingopportunities.Absolutereturn91226Relativereturn5925(%)00700.HKHSIIndexWereiterateTencentwithanOutperformrating.Ournewtargetpriceis5040HK$170,cameat34.1X10P/E.OurEPSestimatesfor10-12areRMB4.37,30RMB6.12andRMB8.26respectively.20100-10FinancialsAug-09Nov-09Mar-10Jul-10RMBmn200820092010E2011E2012ETotalRevenue7,15512,44019,28226,99536,443Source：BloombergGrowth(%)73.9%55.0%40.0%35.0%RelatedresearchNetIncome2,7855,1567,99211,18915,105Growth(%)85.2%55.0%40.0%35.0%EPS(yuan)1.522.824.376.128.26P/E（X）82.744.728.820.615.2P/B（X）36.821.313.89.87.3Source:Companydata,CMS(HK)estimatesPleaseseeimpo
