Nomura issued a research report forecasting that TENCENT (00700.HK) -0.400 (-0.115%) Short selling $257.36M; Ratio 13.164% 's 1Q24 non-GAAP net profit will rise 33% YoY. Operating income will maintain 6% YoY growth, due to weak performance in the online game business. Nomura also believed that TENCENT's online game revenues may fall 4% YoY in 1Q24, due to a high base effect a year ago, while domestic game revenue may drop 6% YoY.Related NewsCICC: Southbound Funds Mainly OW China Mobile, China Telecomm, China Tower in 1Q, UW Tencent2Q24 is a busier time for China's game industry, with TENCENT and NetEase set to launch a number of blockbuster games in 2Q24 and upcoming summer, Nomura said. Nomura believed that the two companies may increase their marketing spending before and after the launch of their new games, so as to boost their success rates. Nomura also expected ad publishers such as WB-SW (09898.HK) -1.550 (-2.191%) Short selling $121.12K; Ratio 10.820% , BILIBILI-W (09626.HK) -1.400 (-1.344%) Short selling $24.20M; Ratio 19.588% and Douyin to monetize from it.Nomura also noted that TENCENT accelerated its share buybacks this year. TENCENT's share buybacks in recent weeks accounted for over 10% of the Company's daily stock turnover. Related NewsCICC's List of Technology Hardware Sector Holdings Through HK Stock Connect in 1Q (Table)Nomura believed that the above proactive buyback echoed the earlier commitment to more shareholder return by the Company's management. Nomura maintained its FY2024 forecast for TENCENT unchanged, and kept its target price at $400, with rating kept at Buy.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-30 12:25.)