TENCENT (00700.HK) +15.200 (+3.981%) Short selling $2.84B; Ratio 12.187% 's 1Q24 results beat expectations, with revenue rising 6% YoY to RMB160 billion, in line with estimations, CCBI released a research report saying. Adjusted net profit grew 55% to RMB50.3 billion, beating market consensus by 17%.
CCBI expected TENCENT's gross profit margin to continue to expand, taking into account the Company's shift in revenue structure towards higher-margin VA and mini-games, as well as its strict control of operating expenses.
CCBI raised its 2024-2026 earnings forecasts by 9-10%, and elevated its target price to $460 from $416, with rating at Outperform. CCBI believed that TENCENT remains its top pick in China's internet sector based on its leading position, accelerated growth in its game business from 2Q24, sustainable earnings growth and share buyback plan.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-16 16:25.)
