CICC International: Maintains Tencent Holdings "Buy" rating with a target price of HKD 488.5

Zhitong
2024.08.19 04:41

CICC International released a research report stating that it maintains a "buy" rating on Tencent Holdings. The company is benefiting from the better-than-expected performance of its gaming business, smooth progress in commercializing WeChat, and continuous upgrades to its AI advertising model. The company's profit margin is expected to remain high, with a target price of HKD 488.5. Overall, the company's revenue performance is in line with expectations, with structurally better-than-expected performance in different business segments. Cost rates are stable, benefiting from income from associated companies and a decrease in effective tax rates, leading to the company's net profit significantly exceeding market expectations

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