BOCI noted in a report that TENCENT (00700.HK) +12.200 (+3.170%) Short selling $2.10B; Ratio 19.325% is expected to announce its 2Q24 results in mid-August. The broker forecasted its revenues to rise 9% YoY, including 2% growth in social networks, 8% growth in value-added services for online games, 24% growth in online advertising, and 7% growth in enterprise services and fintech.
TENCENT's overall gross profit margin is predicted to continue expanding to 53.3% in 2Q, exceeding market expectations and benefiting from an improved revenue structure. The broker noted its optimism about the company's high-quality and diversified business development strategy, and expected that the commercialisation of each business for different application scenarios will continue to generate growth momentum.
BOCI maintained its Buy rating on TENCENT with an unchanged target price of $445.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.)
