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<Research>Haitong Int'l Raises TENCENT's 3Q/ Full-Yr OP Forecasts; TP Lifted to HKD700
Recommend 11 Positive 14 Negative 7 |
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TENCENT (00700.HK)'s 2Q25 revenue increased by 15% YoY to RMB184.5 billion, 3% higher than expectations, according to a report from Haitong International. With all of its business lines performing better than anticipated, TENCENT's operating profit rose by 18% YoY to RMB69.2 billion, surpassing expectations by 3%, while its adjusted operating profit margin increased by 1.3 ppts YoY to 37.5%, in line with forecasts, though it would have been 2 ppts higher than expected if excluding other gains and losses. Haitong International revised up its forecasts for TENCENT's results in light of improved fundamentals. The revenue forecast for 3Q25 gaming/ advertising/ fintech and business services was lifted by 5%/ 1%/ 3%, with expected YoY growth of 19%/ 21%/ 8%. The full-year revenue forecasts for these segments were also raised by 3%/ 1%/ 3%, with expected YoY growth of 20%/ 20%/ 8%. The operating profit forecasts for 3Q25 and the full year were elevated by 10% and 6%, with expected YoY growth of 22% and 21%, respectively. Haitong International added TENCENT's target price from HKD620 to HKD700, with a rating of Outperform. AAStocks Financial News |
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