BofAS: TENCENT Switches Growth Engine; Rating Buy Kept
BofA Securities expects TENCENT's growth to shift to its game and advertising businesses to offset a slowdown in fintech.
For 2Q24, they forecast a 7% YoY revenue increase to RMB159.5 billion and raised their adjusted net profit forecast to a 27% YoY growth.
The broker also anticipates a 16% YoY increase in advertising revenue and an 8% YoY growth in game revenue.
BofA Securities maintains a Buy rating for TENCENT with a target price of $480.
For 2Q24, they forecast a 7% YoY revenue increase to RMB159.5 billion and raised their adjusted net profit forecast to a 27% YoY growth.
The broker also anticipates a 16% YoY increase in advertising revenue and an 8% YoY growth in game revenue.
BofA Securities maintains a Buy rating for TENCENT with a target price of $480.
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