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<Research>CLSA Hikes TENCENT (00700.HK) TP to $500
Recommend 21 Positive 46 Negative 17 |
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TENCENT (00700.HK) demonstrated resilience in the face of macro headwinds, CLSA issued a report as commenting. It is expected that the total revenue and adjusted EBIT for 3Q24 will increase by 9% and 18% YoY to RMB168 billion and RMB61 billion, propelled mainly by strong game performance and ads growth. With the stellar performance of the games DnF Mobile and Brawl Stars, Tencent's online game revenue is estimated to have surged 12% YoY in 3Q24. Ads revenue is expected to hike 16% on improved ads technology and increased ads load on Video Accounts. The broker raised its adjusted net profit forecast for Tencent by 3% for each of 2024 and 2025, and lifted its target price from $480 to $500, maintaining its Outperform rating. AAStocks Financial News |
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