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<Research>M Stanley: TENCENT (00700.HK) 1Q Results All Round Beat; Rating Overweight
Recommend 14 Positive 33 Negative 12 |
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TENCENT (00700.HK)'s 1Q25 results beat expectations on all fronts, with revenue rising 13% YoY, beating market consensus by 3%, according to Morgan Stanley's research report. The game business also beat estimations, with the broker estimating a 17% YoY hike in sell-through, accelerating from 4Q24. Advertising revenue grew 20%, beating market consensus by 3%. Revenue from its fintech and enterprise services business increased by nearly 5%, in line with forecasts. TENCENT's 1Q25 non-IFRS net profit rose 22%, beating market consensus by 4%. TENCENT repurchased shares at $17.1 billion in 1Q25, with a buyback target of over $80 billion this year. Capital expenditures in 1Q25 were RMB27.5 billion, compared to RMB36.5 billion in 4Q24, with the guidance for full-year capital expenditures at low teens percentage of total revenue. Therefore, Morgan Stanley rated TENCENT at Overweight, with a target price of $630. AAStocks Financial News Website: www.aastocks.com |
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