Haitong International wrote in a report that it predicted TENCENT (00700.HK) 0.000 (0.000%) Short selling $1.43B; Ratio 16.055% to report 1Q24 revenue of RMB157 billion, up 5% YoY and 1% QoQ, which is 1% lower than the broker's original estimate. This is mainly due to the broker's downward revision of its revenue forecasts for games and social media by 1% and 5% respectively, reflecting a high base of local games and a slowdown in live streaming revenue. The broker broadly maintained TENCENT's 1Q non-GAAP net profit forecast at RMB43 billion, up 33% YoY and 1% QoQ.The broker expected TENCENT to achieve high-quality growth and stable shareholder returns this year, and believed that the company's buyback amount would be sufficient to offset the negative impact of stake reduction by South African shareholder Naspers. In addition, TENCENT's future product pipelines reflected that the growth of its game business would accelerate in 2H24. Related NewsUBS Raises TENCENT (00700.HK) TP to $438; Overseas Game Recovery OverlookedHaitong maintained its Outperform rating on TENCENT, with a target price of $430.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-29 16:25.)