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<Research>CICC Expects TENCENT 4Q24 Non-IFRS NP to Grow 29% YoY; Bigger Buyback Shows Confidence
Recommend 6 Positive 14 Negative 3 |
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CICC said in a research report that, after reviewing TENCENT (00700.HK)'s overall performance, it believed that the outlook of its game business is still solid, and the increase in share buybacks highlights its confidence in the future. The company, while continuing the achievement of high quality earnings growth, put emphasis on shareholders' returns. The broker maintained an Outperform rating on TENCENT, with a target price of $468, equivalent to the 16x 2025E and 14x 2026E PE. Based on operating leverage, CICC expected Tencent's non-IFRS operating profit to grow by 20% YoY in the 4Q24, while non-IFRS net profit is expected to grow by 29% YoY, way beyond revenue growth. Tencent had introduced the concept of “evergreen games” in early 2024, and that the long-term value of its flagship games can be further explored, which will help strengthen the fundamentals of the game business of Tencent, opined CICC. AAStocks Financial News |
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