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<Research>CMBI Expects TENCENT (00700.HK) 4Q24 Core Biz to Be Stable w/ Upbeat Attitude on LT Development of E-commerce, AI
Recommend 15 Positive 22 Negative 7 |
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CMBI released a research report expecting TENCENT (00700.HK) to continue to deliver solid earnings performance in 4Q24, mainly driven by strong game revenue growth and resilient marketing business. The broker estimated TENCENT's 4Q24 total revenue to grow by 8% YoY to RMB167.6 billion, in line with market consensus, while its non-IFRS net profit to rise by 29% YoY to RMB55.2 billion, 5% ahead of the market consensus. CMBI kept rating at Buy on TENCENT, with a target price of $525, and forecasted its 2024-2026 earnings to hike at a CAGR of 18%. The broker was also optimistic about the long-term development of e-commerce and AI, and maintained its 2024-2026 forecasts broadly unchanged. AAStocks Financial News |
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