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<Research>CLSA Expects TENCENT (00700.HK) 3Q Adj. EBIT to Grow 21% YoY
Recommend
10
Positive
19
Negative
5
CLSA released a research report predicting that TENCENT (00700.HK)'s 3Q25 results will be solid, with total revenue/ adjusted EBIT growing by 14%/ 21% YoY to RMB190 billion/ RMB74.1 billion each.

Online game business is anticipated to hike by 18% YoY, with surprises from strong performances for Honor of Kings (HOK), PKE, Delta Force and Clash Royale.

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Based on the lifted high-margin advertising revenue growth rate to about 20% for 2025, the broker raised its FY2025/ 2026 adjusted net profit forecasts for TENCENT by 0.8%, with rating kept at High Conviction Outperform.
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