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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-30 am EDT
354.40 HKD   -2.90%
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Miners, earnings lift European stocks at end of choppy April

04/29/2022 | 05:14am EDT
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* STOXX slips 1.2% in April

* Miners mark first monthly decline in four

* Prosus surges on U.S.-China resolution hope

* Novo Nordisk up on forecast raise

April 29 (Reuters) - European shares on Friday rose to their highest in a week as strong earnings reports and a rally in miners boosted risk appetite at the end of a volatile month dominated by concerns about slowing global growth.

The pan-European STOXX 600 index rose 0.7%, trimming its monthly declines to 1.2%. Friday's rally lost some of its luster after Wall Street opened lower as Amazon and Apple results weighed.

Worries about faster interest rate hikes, Russian gas supplies, China's COVID-19 lockdowns and lofty valuations in the U.S. technology sector triggered sell-offs in global equities this month, with the STOXX 600 sinking to a one-month low at one point.

Miners rallied 2.5% on Friday as iron ore and copper prices rose after China vowed economic support, raising hopes for sustained demand.

The metals and mining index marked its first monthly decline in four as lockdowns in China weighed heavily, pushing the index down almost 10% from 14-year highs it scaled just last week.

"Higher commodity prices have helped stabilize industrial European stocks, and crucially the magic promise of Chinese stimulus has appeared, pushing up commodity prices and giving stocks across the continent a lift," said Chris Beauchamp, chief market analyst at online trading platform IG.

Upbeat earnings reports also helped markets, with Danish drugmaker Novo Nordisk gaining 5.4% after increasing its sales and operating profit outlook for the year.

French spirits group Remy Cointreau predicted a strong start to business in its first quarter to June. Its shares, rose 1.8%.

"We saw during the pandemic that corporate earnings are fairly resilient to the large economic shocks. It is also signaled by recent earnings reports," said Elwin de Groot, senior market economist at Rabobank.

Analysts expect profit for STOXX 600 companies to grow 27.1% in the first quarter and 13.7% in the second quarter, as per Refinitiv IBES data, with the biggest boost coming from energy companies.

Eurozone economic growth was slower than expected in the first three months of the year, preliminary data showed, as the conflict in Ukraine hit economic activity.

Dutch chipmaking equipment supplier BE Semiconductor slumped 9.2% after it said its order intake in 2022 had been limited by lower demand for high-end smartphones and weakness in Chinese markets.

Dutch technology investor Prosus, which has a major stake in China's Tencent, jumped 9% after a report said U.S. and Chinese regulators were negotiating on-site audits in a key step to avoid U.S. delistings of Chinese companies.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta, William Maclean)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 3.15% 109.56 Delayed Quote.-34.28%
APPLE INC. 1.62% 138.93 Delayed Quote.-23.01%
ASM INTERNATIONAL N.V. -9.37% 216.25 Real-time Quote.-44.37%
BE SEMICONDUCTOR INDUSTRIES N.V. -6.65% 42.82 Real-time Quote.-42.92%
COMPAGNIE DE SAINT-GOBAIN 0.23% 41.04 Real-time Quote.-33.67%
NOVO NORDISK A/S -0.33% 784.6 Delayed Quote.6.75%
PROSUS N.V. 3.38% 64.59 Real-time Quote.-12.16%
RÉMY COINTREAU 0.48% 167.5 Real-time Quote.-21.73%
STMICROELECTRONICS N.V. -3.00% 29.1 Real-time Quote.-32.90%
STOXX EUROPE 600(EUR)(TR) -0.01% 934.1 Delayed Quote.-14.98%
TENCENT HOLDINGS LIMITED -2.90% 354.4 Delayed Quote.-22.42%
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Financials
Sales 2022 584 B 87 191 M 87 191 M
Net income 2022 118 B 17 589 M 17 589 M
Net cash 2022 92 879 M 13 864 M 13 864 M
P/E ratio 2022 25,5x
Yield 2022 0,38%
Capitalization 2 888 B 431 B 431 B
EV / Sales 2022 4,78x
EV / Sales 2023 4,00x
Nbr of Employees 116 213
Free-Float 62,5%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 302,55 CNY
Average target price 398,15 CNY
Spread / Average Target 31,6%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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