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<Research>BOCOMI: TENCENT 1Q24 Mobile Game Turnover Growth Shows Resilience, to be Confirmed in 2024
Recommend 14 Positive 26 Negative 14 |
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According to data from Sensor Tower/ Qimai, TENCENT (00700.HK)'s 1Q24 mobile game turnover showed resilience, which will be recognized successively this year, BOCOMI released a research report saying. Of which, the local turnover grew by 11% YoY, with Teamfight Tactics/ Honor Of Kings (HOK) contributing over 60% of the turnover increment. Overseas turnover inclined by 25% YoY, mainly driven by Supercell's flagship games. With the steady operation of old games and the launch of new games (Dungeon & Fighter), BOCOMI estimated that TENCENT's game revenue growth rate will turn positive in 2Q24, and that the Company will maintain its gross profit growth rate faster than revenue, with operating profit growth rate even faster than that of gross profit. Therefore, BOCOMI raised its 2024/ 25 operating profit forecast by 8%/ 6%, and slightly adjusted its target price on TENCENT to $395, with rating kept at Buy. AAStocks Financial News |
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