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<Research>Deutsche Bank Elevates TENCENT (00700.HK) TP to $650 as All Biz to Benefit from AI
Recommend 22 Positive 35 Negative 13 |
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TENCENT (00700.HK)'s 2024 revenue and adjusted net profit slightly beat estimations, mainly due to stronger revenue from games and digital advertising, according to Deutsche Bank's research report. Looking ahead to 2025, management believes that the AI development could help the Company's different businesses, and guides for 2025 capital spending of a low-teens percentage of revenue, which the broker expected to rise 13% YoY to RMB87 billion. The broker was optimistic about the AI development, and believed that AI can bring TENCENT higher user stickiness and monetization opportunities to support long-term prosperity. Deutsche Bank raised its FY2025/ FY2026 revenue forecasts by 2%/ 3%, and lifted its adjusted net profit forecasts by 2%/ 3% due to better prospects for its online game and advertising businesses. The broker elevated its target price from $540 to $650, with rating kept at Buy. AAStocks Financial News |
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