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<Research>HSBC Research Drops TENCENT's TP to $540; Fundamentals Strong w/ Improved Risk-Reward
Recommend 15 Positive 32 Negative 9 |
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TENCENT (00700.HK)'s gaming business remained resilient, while its advertising and e-commerce continued to perform positively, shoring up short-term growth, according to a report from HSBC Global Research. In terms of domestic games, "Delta Force" contributed revenue throughout the quarter, "Honor of Kings" logged robust skin sales, and other games delivered resilient performance, driving the quarterly domestic gaming revenue growth to 20% YoY, compared to 14% in 3Q24. In terms of international games, "Path of Exile 2" achieved immense commercial success and is expected to contribute substantial revenue upon official release. Benefiting from deferred revenue from "Supercell", international gaming revenue is anticipated to leap 12% YoY. The broker largely maintained its results forecast for TENCENT. It trimmed its target price for the company from $570 to $540 based on the latest RMB-HKD assumptions and gave it a Buy rating. AAStocks Financial News |
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