BOCI Forecasts 5% YoY Revenue Growth for TENCENT in 1Q24

BOCI projects TENCENT's 1Q24 revenue to grow by 5% YoY to RMB157 billion, with GPM and adjusted NPM meeting street consensus at 49.7% and 27.3%.

The broker highlights TENCENT's focus on a high-quality growth strategy, providing visible financial certainty for the future.

Expectations include accelerated revenue growth in 2Q-4Q24E, coupled with a strong capital return plan, prompting BOCI to maintain its Buy rating and target price of $407 on TENCENT.