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<Research>Citi: TENCENT Solid 3Q Profit Beats; Rev. In Line
Recommend 24 Positive 32 Negative 9 |
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TENCENT (00700.HK)'s 3Q24 revenue grew 8% YoY to RMB167.2 billion, in line, Citi Research said in its report. Among which, game revenue amounted to RMB51.8 billion, ahead of the forecast of RMB50.9 billion. The non-IFRS net profit amounted to RMB59.8 billion, marking a 33% YoY growth, exceeding the forecast of both Citi and the market by more than 10%. Citi believed that TENCENT's overall 3Q24 results were in line, with adjusted operating profit sharply topping expectations, mainly due to a higher share of profits from associates. Looking ahead, Citi assumed that the steady YoY growth in international game revenue, the extension of the game deferral period, and the recovery of domestic evergreen game titles will fuel more impressive growth in game revenue next year. The broker set a target price of $573 on TENCENT, with a Buy rating. AAStocks Financial News |
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