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<Research>BOCOMI Keeps Rating at Buy for TENCENT (00700.HK), Raises TP to $729
Recommend 8 Positive 17 Negative 3 |
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TENCENT (00700.HK)'s 3Q25 results beat expectations, with revenue growing 15% YoY, 4% ahead of BOCOMI's forecast, BOCOMI released a research report saying. Of which, revenue from games/ social/ marketing services/ fintech & business services rose by 23%/ 4%/ 21%/ 10% respectively, with gross profit increasing by 22% during the period, continuing to outpace revenue growth. The improvement in TENCENT's gross profit margin to 56.4% was driven by enhanced contributions from domestic games, channels, WeChat search and other businesses, along with ongoing optimization in cloud service costs. Adjusted EPS also inclined by 19%, 6% higher than the broker's estimation. BOCOMI predicted stable revenue and profit growth in the future, and predicted that 2025 capital expenditure will rise to approx. RMB80 billion. Therefore, the broker raised its target price from $700 to $729, with rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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