[Brokerage Focus] Citigroup gives Tencent Holdings (00700) a "Buy" rating; Q3 net profit exceeds market expectations by more than 10%.
金吾财讯2024-11-14
Jinwu Finance | Citigroup released a research report stating that...Tencent Holdings(00700) Third-quarter revenue increased by 8% year-on-year to HK$167.2 billion, in line with expectations, of which game revenue was HK$51.8 billion, also higher than the forecast of HK$50.9 billion. Non-IFRS net profit was HK$59.8 billion, up 33% year-on-year, more than 10% higher than the general expectations of Citigroup and the market. The bank believes that Tencent's overall third-quarter results met expectations, with adjusted operating profit significantly exceeding expectations, mainly due to the higher contribution of share of profits from associates. Looking ahead, Citigroup believes that steady year-on-year growth in total international game revenue, an extension of the delayed revenue period for games, and an overall recovery in the performance of long-term games in China will drive substantial growth in game business revenue next year. Citigroup has given a target price of HK$573 and a "Buy" rating.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
