Nomura Predicts TENCENT 2Q Rev. to Grow 13% YoY, Non-GAAP EPS to Add 25%

Nomura forecast TENCENT's revenue to thrive 13% YoY to RMB152 billion in the second quarter of 2023, in line with street consensus. The non-GAAP EPS was forecast to grow by 25% to RMB3.63, about 5% below the latest consensus.

The report elaborated that overseas market will become a driver for TENCENT's online game business. The fintech and business service revenue, meanwhile, was predicted to swell by 21% to RMB51 billion. The revenue from Tencent Cloud was estimated to balloon 4%.

Nomura rated TENCENT at Buy, with a target price of $510.