[Tencent(700 HK,BUY,TP HK$425)Target Price Change]: International Game and Advertising Drove Results

479 Views10 Nov 2023 16:13
  • 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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