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<Research>CICC Raises TENCENT (00700.HK) TP to $600, Maintains Outperform Rating
Recommend 20 Positive 33 Negative 12 |
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CICC released a research report on TENCENT (00700.HK). The company achieved 4Q24 revenue of RMB172.4 billion, up 11% YoY, surpassing the broker's and market's expectations by 2%. The non-IFRS net profit gained 30% YoY to RMB55.3 billion, broadly aligning with CICC’s forecast and topping market consensus by 4%. The broker attributed the profit improvement to effective cost control during the period. Given the promising outlook for ads and cloud computing businesses, CICC raised its revenue forecasts for 2025 and 2026 by 1% and 2%, respectively, to RMB717.2 billion and RMB757.6 billion, while largely maintaining its non-IFRS net profit projections unchanged. The broker upheld its Outperform rating on TENCENT and revised up the target price by 8.5% to HKD600, reflecting an upward shift in market valuation median. AAStocks Financial News |
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