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<Research>CLSA Raises TENCENT TP to HKD710; Strong Momentum in Gaming & Ad Growth Continues
Recommend 12 Positive 14 Negative 7 |
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CLSA released a report predicting that TENCENT (00700.HK) will sustain its robust growth momentum in gaming and advertising into 2Q25, with total revenue and adjusted EBIT expected to grow by 10.1% and 10.2% YoY, amounting to RMB177.3 billion and RMB64.4 billion, respectively. Online gaming revenue was anticipated to ascend on solid performance of evergreen games, especially HoK and PKE/ PUBG Mobile, and new hits like Delta Force and Nikke. Valorant Mobile is slated for release in August. TENCENT's advertising revenue may benefit from advancements in advertising technology, driven by Video Account, mini programs, and search, while cloud revenue was expected to resume double-digit growth due to strong demand for AI, CLSA opined. Based on the solid growth in gaming and advertising and the success of new games, the target price on TENCENT was raised from HKD645 to HKD710, with a High Conviction Outperform rating kept. AASTOCKS Financial News Website: www.aastocks.com |
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