CICC Forecasts TENCENT 2Q Non-IFRS NP to Rise 26% on Intact Game Biz Trend
CICC forecasts TENCENT's 2Q24 non-IFRS net profit to rise by 26% YoY to RMB47.2 billion, driven by a 6% revenue growth to RMB157.6 billion and a 19% increase in non-IFRS operating profit to RMB54.9 billion.
The game revenue is expected to grow by 4% YoY in 2Q24 and 6% YoY for 2024, thanks to a promising outlook for TENCENT's domestic and overseas game businesses, including subsidiaries Supercell and Riot Games.
CICC maintains its 2024/2025 revenue forecasts unchanged and raises its 2024 non-IFRS net profit forecast by 1% to RMB204.6 billion, with a target price of $468 and an Outperform rating.
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