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<Research>HTSC Slashes TENCENT (00700.HK) TP to $492.22, Expects Steady Rev. Growth in 4Q24
Recommend 12 Positive 20 Negative 12 |
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Huatai Securities released a research report estimating that TENCENT (00700.HK)'s 4Q24 revenue will grow 8% YoY, while adjusted net profit will rise 25% YoY to RMB53.5 billion, basically in line with the market consensus. Domestic game revenue is expected to accelerate to +18% YoY in 4Q24, while advertising revenue growth may slow to 13% YoY due to an overdraft during the Olympics, with fintech revenue growth forecasted to return to 4%. Looking ahead to 2024-2026, Huatai Securities slightly adjusted TENCENT's revenue forecasts by 0.04%/ 0.03%/ 0.01% to RMB655.3 billion/ RMB712.8 billion/ RMB785.1 billion respectively. The broker slashed its target price on TENCENT from $505.43 to $492.22, with rating kept at Buy. AAStocks Financial News |
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