＜Research＞CICC Forecasts TENCENT (00700.HK) 2Q Non-IFRS NP to Rise 26% on Intact Game Biz Trend

　　CICC released a research report forecasting that TENCENT (00700.HK) -12.400 (-3.178%) Short selling $502.34M; Ratio 19.329% 's 2Q24 revenue will grow by 6% YoY to RMB157.6 billion, while non-IFRS operating profit will reach RMB54.9 billion, up 19% YoY. Non-IFRS net profit is also expected to rise by 26% to RMB47.2 billion.

　　CICC raised its 2024 game revenue YoY growth forecast for TENCENT to 6%, and expected 2Q24 game revenue will incline 4% YoY, believing that the outlook for TENCENT's domestic and overseas game businesses is promising this year, and that its overseas subsidiaries, such as Supercell and Riotgame, are carrying out organizational structure adjustment. The sell-through of old games such as Brawl Stars increased significantly.

　　Related NewsCICC: Rate Cut Not Determining Factor for HK Shrs, CN Econ More Important; High Div. Sector May Temporarily Underperform

　　CICC maintained its 2024/ 2025 revenue forecasts for TENCENT unchanged, and raised its non-IFRS net profit forecast for 2024 by 1% to RMB204.6 billion. The broker also left 2025 earnings forecast unchanged, with a target price of $468 and rating at Outperform.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-16 12:25.)

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