Brokers Expect TENCENT 2Q Non-IFRS Net Profit Up 28%

TENCENT will announce its 2Q results on August 14. Benefiting from game revenue growth in China, increased ad revenue from AI and video, and improved gross profit margins, 14 brokers expect TENCENT's 2Q24 non-IFRS net profit to be between RMB46.837 billion and RMB50.2 billion, marking a 24.7%-33.7% YoY increase. The median forecast is RMB48.11 billion, up 28.1% YoY.

Additionally, 7 brokers expect TENCENT's net profit to range from RMB35.7 billion to RMB41.683 billion, with a median of RMB40.041 billion, reflecting a 53% YoY increase.

Broker│2Q24 non-IFRS NP forecast (RMB)│YoY change
Cinda Securities│50.2 billion│+33.7%
UBS│50.112 billion│+33.5%
Huatai Securities│50 billion│+33.2%
Nomura│49.667 billion│+32.3%
Haitong Int'l│48.811 billion│+30%
China Merchants Securities│48.8 billion│+30%
CLSA│48.381 billion│+28.9%
JPMorgan│47.848 billion│+27.4%
Guotai Junan│47.7 billion│+27%
Morgan Stanley│47.233 billion│+25.8%
BOCI│47.16 billion│+25.6%
Jefferies│47 billion│+25.2%
GF Securities│47 billion│+25.2%
Citi│46.837 billion│+24.7%
Calculated based on TENCENT's 2Q23 non-IFRS net profit of RMB37.548 billion.

Broker│2Q24 NP forecast (RMB)│YoY change
Haitong Int'l│41.683 billion│+59.3%
BOCI│40.271 billion│+53.9%
CLSA│40.1 billion│+53.2%
JPMorgan│40.041 billion│+53%
Citi│38.212 billion│+46%
Morgan Stanley│37.695 billion│+44%
GF Securities│35.7 billion│+36.4%
Calculated based on TENCENT's 2Q23 net profit of RMB26.171 billion.