Sealand Securities: maintain Tencent "buy" rating target price of HK $422
According to the research report released by $Sealand(000750.SZ$, the expected revenue of FY2022-24 is 5588/6271/704.2 billion yuan, the net profit attributable to the parent company of Non-IFRS is 1167/1417/168.4 billion yuan.
The bank predicted that the company would achieve operating revenue of 139.8 billion yuan (YoY-2%, QoQ+4%) in 2022Q3. In addition, the Q3 sales expense rate is expected to be 6.2%, and the general and administrative expense rate is expected to be 17.8%; Non-IFRS net profit attributable to parent company was 31.2 billion, - 2%/+11% YoY; The gross profit margin is 43%, the operating profit margin of NON-IFRS is 26%, and the parent net profit margin of NON-IFRS is 22%.
According to the report, $TENCENT(00700.HK$ has maintained a high degree of repurchase in 2022, especially since Q3, to boost market confidence. As of October 14, there had been a total of 76 repurchases this year, with a total amount of HK $24.5 billion. Since July, most of the single day repurchases accounted for more than 4% of the trading volume of the day, with an average of 6.5%, which also supported the pressure on shareholders to reduce their holdings.
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