blankosjunctioncryptogame| UBS: Raise Tencent Holdings target price to HK$438, overseas game recovery ignored
UBS released a research report sayingblankosjunctioncryptogame, Tencent Holdings '(00700) target price rose to HK$438blankosjunctioncryptogame, raising its 2024 - 2026 earnings per share forecast by 3% to 4%.
The report said that the recovery of overseas game business seems to have been ignored by investors. Citing industry data, Supercell, a Finnish mobile game company acquired by Tencent in the early years, is expected to resume growth in the first quarter of this year, with revenue growth expected to reach 82%. As Supercell contributes Tencent's game revenue About 10%, it is expected to directly benefit Tencent's growth. At the same time, the overseas revenue of its masterpiece "Jedi Survival" has increased since the second half of last year and is expected to grow by 34% year-on-year in the first quarter. UBS hopes that its game business will perform well in the international market and will support the company to record significant improvements.
The bank also pointed out that in addition to the launch of the "Dungeon and Warriors" mobile game, the potential rebound in the performance of existing games may also bring room for improvement. Tencent's transformation of existing games based on the WeChat ecosystem and the promotion of future artificial intelligence technology applications. Liquidation can increase the visibility of Tencent's profit growth.
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