BOC International expects Tencent Holdings (00700) revenue to increase moderately by 5% year over year to RMB 157 billion.
The Zhitong Finance App learned that BOC International released a research report stating that it maintains the “buy” rating of Tencent Holdings (00700) and will announce the results for the first quarter of the 2024 fiscal year on May 14. Its revenue is expected to increase moderately by 5% year over year to RMB 157 billion; gross margin and adjusted net profit margin reached market expectations of 49.7% and 27.3%, respectively, with a target price of HK$407.
The bank believes that Tencent Group's focus on high-quality growth strategies provides an obvious determinant for future financial conditions. It is expected that revenue growth from the second fiscal quarter to the fourth fiscal quarter will accelerate year-on-year, plus a strong capital return plan.