海通国际：上调腾讯控股第三季及全年经营溢利预测 目标价升至 700 港元
Haitong International released a research report stating that Tencent's revenue in the second quarter increased by 15% year-on-year to RMB 184.5 billion, exceeding expectations by 3%, with all business lines performing better than expected. Operating profit rose by 18% year-on-year to RMB 69.2 billion, beating expectations by 3%. Adjusted operating profit margin increased by 1.3 percentage points year-on-year to 37.5%, in line with expectations, while the adjusted operating profit margin after excluding other profits and losses was 2 percentage points higher than expected. Haitong International raised its target price for Tencent from HKD 620 to HKD 700, maintaining an outperform rating. The firm upgraded its earnings forecast for Tencent based on fundamental improvements. Revenue forecasts for the third quarter in gaming, advertising, fintech, and enterprise services were raised by 5%, 1%, and 3%, respectively, expected to grow year-on-year by 19%, 21%, and 8%. Full-year revenue forecasts were raised by 3%, 1%, and 3%, respectively, expected to grow year-on-year by 20%, 20%, and 8%. Third-quarter and full-year operating profit forecasts were raised by 10% and 6%, respectively, expected to grow year-on-year by 22% and 21%
According to the Zhitong Finance APP, Haitong International released a research report stating that Tencent Holdings (00700) reported a 15% year-on-year increase in revenue for the second quarter to RMB 184.5 billion, beating expectations by 3%, with all business lines performing better than expected. Operating profit increased by 18% year-on-year to RMB 69.2 billion, exceeding expectations by 3%. Adjusted operating profit margin rose by 1.3 percentage points year-on-year to 37.5%, in line with expectations, while the adjusted operating profit margin after excluding other profits and losses was 2 percentage points higher than expected. Haitong International raised its target price for Tencent from HKD 620 to HKD 700, maintaining an outperform rating.
The firm upgraded its earnings forecast for Tencent based on improved fundamentals. Revenue forecasts for the third quarter in gaming, advertising, fintech, and enterprise services were raised by 5%, 1%, and 3%, respectively, expected to grow year-on-year by 19%, 21%, and 8%. Full-year revenue forecasts were raised by 3%, 1%, and 3%, respectively, expected to grow year-on-year by 20%, 20%, and 8%. Operating profit forecasts for the third quarter and full year were raised by 10% and 6%, respectively, expected to grow year-on-year by 22% and 21%
