ozwin50free| Citi: Maintain Tencent Holdings 'Buy' rating target price rises to HK$515

Citigroup released a research report saying that it maintains the "Buy" rating of Tencent Holdings (00700) and raises its target price from HK$459 to HK$515, reiterating it as the preferred share. The company's revenue and profits in the first quarter exceeded market expectations, laying a good start for this year's business development. The profit outlook is tending to be positive, and the game business has regained its growth momentum, exceptozwin50freeDriven by new games such as "Dungeons and Warriors", the performance of existing masterpieces of "Glory of the King" and "Peace Elite" has also recovered.

The bank said it would raise its 2024 revenue and earnings forecasts by 0.0% respectively based on its latest performanceozwin50free.2% and 4.7%; revenue forecasts for 2025 - 2026 are lowered by 1% and 1.7% respectively, while profit forecasts are lowered by 0.9% and 0.7% to reflect the relatively weak performance of the financial technology business. Citi currently predicts that local and international game revenue will increase by 4% and 8% respectively in the second quarter of this year, and advertising revenue is expected to increase by 15.6%. For the whole year, local and international game revenue is forecast to increase by 4.1% and 6%, and advertising material will increase by 17.6%. The adjusted net profit forecast for 2024 will increase by 25% year-on-year to RMB 196.6 billion.