Citigroup: Reiterates TENCENT "Buy" rating with a Target Price of 573 Hong Kong dollars.
Citi released a research report stating that TENCENT (00700) recently held an investors meeting in Macau, focusing on the group's video content and intellectual property strategy. Management indicated that the profitability of TENCENT Video is expected to steadily improve in 2024, with future goals focused on maintaining profitability and promoting member growth through adjusted channel partnerships. The report reiterated a Buy rating for TENCENT, listing it as a preferred stock and core Hold Positions, with a Target Price of 573 HKD. The report quoted management stating that TENCENT Video will launch a total of 9 highly rated dramas in 2024, and through strategic restructuring and cost optimization, TENCENT Video has improved in the past two years.
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