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<Research>CLSA: TENCENT (00700.HK) 3Q Game & Ads Performances Beat; TP $740
Recommend 7 Positive 16 Negative 4 |
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TENCENT (00700.HK)'s 3Q25 total revenue/ adjusted net profit grew by 15%/ 18% YoY to RMB192.9 billion/ RMB70.6 billion each, 1.5%/ 4.5% ahead of CLSA's expectations, according to CLSA's research report. The performance of online games was particularly outstanding, rising 23% YoY, driven by new blockbusters such as Delta Force and Valorant Mobile, as well as the growth of legacy games like Honor of Kings, Peacekeeper Elite and Clash Royale. The broker expected revenue to continue to grow steadily due to the Company's rich game reserves, more AI advertising tools and the growth of mini shop businesses. The Company forecasted a significant upgrade to the next-generation 'Hunyuan' model and continuous addition of AI features and Yuanbao services in WeChat. Therefore CLSA kept rating at High Conviction Outperform, with a target price of $740. AASTOCKS Financial News Website: www.aastocks.com |
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