＜Research＞BOCOMI Elevates TENCENT (00700.HK) TP to $457 as Game Resumes Growth

　　TENCENT (00700.HK) +2.000 (+0.508%) Short selling $2.84B; Ratio 12.187% 's 1Q24 total revenue amounted to RMB159.5 billion, up 6% YoY and 3% QoQ, in line with the expectations of BOCOMI and the market, BOCOMI released a research report saying.

　　BOCOMI expected game revenue growth to accelerate, taking into account the upcoming launch of new games such as Dungeon & Fighter (DNF) and the resumption of growth in a number of old games such as Honor Of Kings (HOK), with reference to the 23% QoQ rise in 1Q24 deferred revenue, according to the report.

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　　BOCOMI predicted TENCENT's FY2024/ FY2025 revenue to grow by 8.2%/ 7.8% each, and raised its gross profit forecasts by 7%/ 6%. BOCOMI also raised its adjusted net profit forecasts by 6%/ 7%, and elevated its target price from $395 to $457, with rating kept at Buy.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-16 16:25.)

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