Citi: TENCENT Games Boosted by Summer Promotions, Stable 3Q Growth Expected

Citi Research reported that TENCENT’s games, including HoK, DnF Mobile, Peacekeeper Elite, Fight of the Golden Spatula, and CF Mobile, dominated the iOS grossing charts in early August due to successful summer promotions.

The broker expects stable 3Q24 growth for TENCENT, driven by effective marketing, IP cooperation, and celebrity endorsements. Citi maintained its Buy rating with a target price of $515. TENCENT will report its 2Q24 results on 14 August.