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<Research>CLSA Upgrades TENCENT (00700.HK) to High Conviction Outperform, Elevates TP to $645
Recommend 16 Positive 27 Negative 7 |
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TENCENT (00700.HK)'s 4Q24 total revenue rose 11% YoY to RMB172 billion, beating expectations, while adjusted net profit grew 30% YoY to RMB55.3 billion, ahead of CLSA's original estimation of 7.8%, CLSA released a research report saying. Domestic games and online advertisement outperformed forecasts, with revenues hiking by 22%/ 18% YoY respectively. CLSA predicted TENCENT to maintain double-digit revenue growth this year, with gross profit margin expansion. The broker raised its 2025/ 2026 adjusted net profit forecasts for the Company by 4%/ 5% YoY each, and elevated its target price from $500 to $645. CLSA upgraded its TENCENT from Outperform to High Conviction Outperform. AAStocks Financial News |
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