Sealand Securities: maintain Tencent "buy" rating target price of HK $422
According to the research report released by$Sealand (000750.SZ)$, the expectedrevenue of FY2022-24 is 5588/6271/704.2 billion yuan, thenet profit attributable to the parent company of Non-IFRS is 1167/1417/168.4 billion yuan.
The bank predicted that the company would achieve operating revenue of 139.8 billion yuan (YoY-2%, QoQ+4%) in 2022Q3. In addition, the Q3 sales expense rate is expected to be6.2%, and the general and administrative expense rate is expected to be17.8%;Non-IFRS net profit attributable to parent company was31.2 billion,- 2%/+11% YoY; The gross profit margin is43%, the operating profit margin of NON-IFRS is26%, and the parent net profit margin of NON-IFRS is22%.
According to the report,$TENCENT (00700.HK)$has maintained a high degree of repurchase in 2022, especially since Q3, to boost market confidence. As of October 14, there had been a total of 76 repurchases this year, with a total amount ofHK $24.5 billion. Since July, most of the single day repurchases accounted for more than 4% of the trading volume of the day, with an average of 6.5%,which also supported the pressure on shareholders to reduce their holdings.
Following the introduction of China's groundbreaking DeepSeek technology, Wall Street giants have revised their investment outlooks for the Chinese market.