TENCENT (00700.HK) +15.200 (+3.981%) Short selling $2.84B; Ratio 12.187% 's 1FQ24 operating revenue performance was in line with the market's expectation, and 2% ahead of Jefferies' estimation, Jefferies issued a research report saying. Gross profit margin was 52.6%, higher than the expectations of the market and Jefferies of 49.5%/ 48.1%, respectively.
Jefferies believed that TENCENT demonstrated strong execution on its high quality growth strategy. In addition, TENCENT is a global leader in mobile games, with a proven track record in developing successful games.
Therefore, Jefferies elevated its target price from $453 to $475, and kept rating at Buy. Jefferies reiterated that TENCENT is its sector top pick.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-16 16:25.)
