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<Foresight>M Stanley 1Q Results Forecasts for TENCENT (Table)
Recommend
36
Positive
61
Negative
41
Item│1Q26 Forecast│ YoY Change
Total revenue│ RMB197.718 billion│+9.8%
- Value-added services revenue│ RMB98.511 billion│+6.9%
-> Domestic game revenue│ RMB46.332 billion│+8.0%
-> International game revenue│ RMB19.09 billion│+15.0%
- Online advertising revenue│ RMB37.905 billion│+19.0%
- Fintech and enterprise services revenue and others│ RMB60.139 billion│+9.4%
Total gross profit│ RMB111.433 billion│+10.9%
Gross profit margin│56.4%│+0.5 ppts
Net profit│ RMB58.497 billion│+22.3%
Non-IFRS net profit│ RMB68.745 billion│+12.1%
Non-IFRS net profit margin│34.8%│+0.7 ppts

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