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<Research>Nomura Foresees TENCENT 4Q24 Earnings Growth Solid; Rating Buy w/ $500 TP
Recommend 18 Positive 27 Negative 9 |
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Nomura released a research report, maintaining a Buy rating on TENCENT (00700.HK), with a target price of $500. The broker expected the business performance in 4Q24 to be decent, and earnings growth to remain solid, on the back of the continued expansion of profit margins. The non-IFRS EPS was forecast to grow 28% YoY, topping the market's estimate by 4%. The broker's forecast for TENCENT's last quarter's revenue to hike 8% YoY, in par with the broader consensus. The broker's revenue forecast for TENCENT for the last quarter grew 8% YoY, in line with street consensus. The broker expected TENCENT's revenue sources to shift to higher-margin businesses such as video advertisements, and forecast that its gross margin may spike to 53.2% YoY in 4Q24. The online game business was also expected to continue to accelerate its growth, with revenues from the foreign and domestic markets expected to grow by 12% and 18%, respectively, juicing the overall growth of online game revenues to 15.6% YoY. AAStocks Financial News |
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