Jefferies Adjusts Price Targets for Tencent and NetEase
Jefferies reported on the latest approval of 105 domestic online games by the National Press and Publication Administration (NPPA) in July, highlighting ongoing support for the industry.
Top Performer: Tencent's Dungeon and Fighter Mobile (DNF Mobile) has consistently led the iOS game revenue chart.
Revenue Forecast: Jefferies revised the expected revenue for DNF Mobile from RMB19 billion to RMB24 billion for May to December 2023.
Target Price Increase: The broker raised Tencent's target price from HK$484 to HK$487, maintaining a Buy rating and ranking it as the industry top pick.
Revenue and Profit Projections: Updated 2024/25 revenue forecasts to RMB672.32 billion and RMB732.405 billion, and non-IFRS profit forecasts to RMB193.591 billion and RMB214.162 billion.
Revenue Forecast: Jefferies revised the expected revenue for DNF Mobile from RMB19 billion to RMB24 billion for May to December 2023.
Target Price Increase: The broker raised Tencent's target price from HK$484 to HK$487, maintaining a Buy rating and ranking it as the industry top pick.
Revenue and Profit Projections: Updated 2024/25 revenue forecasts to RMB672.32 billion and RMB732.405 billion, and non-IFRS profit forecasts to RMB193.591 billion and RMB214.162 billion.
Game Performance: Factoring in the delayed beta test of "Where Winds Meet" and current game performance.
Revenue Projections: Forecasted 2Q24 revenue to grow by 7% YoY to RMB25.6 billion, with online game revenue expected to rise by 5% YoY to RMB18.2 billion.
Target Price Adjustment: Maintained a Buy rating but lowered the target price from HK$202 to HK$197.
Revenue Projections: Forecasted 2Q24 revenue to grow by 7% YoY to RMB25.6 billion, with online game revenue expected to rise by 5% YoY to RMB18.2 billion.
Target Price Adjustment: Maintained a Buy rating but lowered the target price from HK$202 to HK$197.
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