Brokers Predict Strong Growth in TENCENT's 1Q Non-IFRS Net Profit

TENCENT will release its 1Q24 results next Tuesday (14th).

Based on forecasts from 16 brokers, TENCENT's 1Q24 non-IFRS net profit is expected to range between RMB39.3 billion to RMB44.6 billion, marking a significant YoY increase of 20.8-37.1%. The median estimate stands at RMB43.23 billion, reflecting a robust 33% YoY growth from the previous year's RMB32.538 billion.

Investor attention will likely be focused on TENCENT's latest business strategy, particularly regarding online game revenue growth, the launch of new online games, and gross profit margin trends. Additionally, shareholders will be keen to receive guidance on future shareholder returns from TENCENT's management.

Broker│ 1Q24 Non-IFRS Net Profit (RMB)│ YoY Change
Huatai Securities│44.6 billion│+37.1%
UBS│44.379 billion│+36.4%
Orient Securities│44.195 billion│+35.8%
Citi│44.063 billion│+35.4%
Sealand Securities│44 billion│+35.2%
Guosheng Securities│43.6 billion│+34%
Guosen Securities│43.4 billion│+33.4%
Nomura│43.323 billion│+33.1%
BOCOMI │43.134 billion│+32.6%
CMBI│43.1 billion│+32.5%
CLSA │43.038 billion │+32.3%
BOCI│42.985 billion│+32.1%
Haitong International│42.925 billion│+31.9%
Morgan Stanley│40.736 billion│+25.2%
Jefferies│40 billion│+22.9%
GF Securities│39.3 billion│+20.8%

Based on TENCENT's 1Q23 non-IFRS net profit of RMB32.538 billion.