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<Research>CLSA: TENCENT 3Q Results In Line; Games Robust
Recommend 20 Positive 41 Negative 12 |
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TENCENT (00700.HK) 3Q24 results were in line, with total revenue up 8.1% YoY to RMB167.2 billion, according to a research report from CLSA. Adjusted EBIT added 18.6% YoY to RMB61.3 billion. Online game and ad revenues beat, but were offset by weak FinTech revenues. Game revenue growth lagged behind total revenue growth, while ad revenue maintained a strong 17% YoY growth, on Video Accounts, Mini Programs and Search Ads. The broker raised its adjusted net profit forecast by 2% for 2024 and 2025, thanks to better-than-expected online games. The broker forecast revenue growth to accelerate further on the back of the robust evergreen games and the promising game pipeline in 2025. The broker maintained its Outperform rating. AAStocks Financial News |
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