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[Tencent(700 HK,BUY,TP HK$425)Target Price Change]: International Game and Advertising Drove Results
652 Views10 Nov 2023 08:13
SUMMARY
- We expect that Tencent’s C3Q23’s revenue/non-IFRS operating profit/IFRS net income to be 2.3%/3.3%/4.2% above consensus.
- We raised estimates of Tencent’s international game growth to 12% YoY to reflect the success. We also expect Tencent's advertising business to benefit from e-commerce advertisers’ competition.
- We raised the Target Price to HK$425, which implies 22.4X PE in 2024.
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