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<Research>Nomura: TENCENT Online Gaming Biz Shiny; TP Added to $721
Recommend 10 Positive 23 Negative 6 |
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Nomura published a research report on TENCENT (00700.HK), of which 2Q25 results beat, with revenue and non-IFRS EPS growing by 15% and 13% YoY, respectively, surpassing Bloomberg's expectations by 3.1% and 3.5%, attributable to the shiny performance of the online gaming business. The broker increased the target price from HKD670 to HKD721. The gross margin for 2Q25 lifted 4 ppts YoY to 57%, ahead of the market expectation of 55.2%. Nomura believed this is due to faster growth of its higher margin businesses such as gaming and Wexin ads. Although AI capex elevated, margins were still expected to improve further, thus a Buy rating was maintained. AASTOCKS Financial News Website: www.aastocks.com |
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