slotostarsnodepositbonus2022| Haitong International: Maintain Tencent's "outperform" rating and raise its target price to HK$464

Haitong International released a research report sayingslotostarsnodepositbonus2022, maintain Tencent's (00700)"Outperform" rating, raise its adjusted net profit forecast for fiscal year 2024 by 7%, and raise its target price from HK$430 to HK$464. The company's first-quarter revenue was in line with expectations, mainly driven by strong advertising revenue. Adjusted net profit exceeded expectations by 17%slotostarsnodepositbonus2022; Net profit margin was 4 percentage points better than expected. Revenue from both domestic and foreign games increased year-on-year.

Looking forward to the second quarter, the bank expects Tencent's game business structure to continue to improve, and the delayed confirmation in the first quarter will continue to benefit game revenue. At the same time,"Dungeons and Warriors" will be launched on May 21, driving an increase in contribution revenue. Therefore, the bank expects its game business to recover in the second quarter and accelerate growth in the second half of the year. It is expected that game revenue in the second quarter and fiscal year 2024 will be RMB 46 billion and RMB 190.6 billion respectively, up 3% and 6% year-on-year respectively. The bank mentioned that the group's gross profit margin is expanding and new high-profit businesses will continue to drive high-quality growth. It is expected that the group's adjusted net profit for the second quarter and the full year will be RMB 47.6 billion and RMB 201.5 billion respectively, a year-on-year increase of 27% and 28% respectively, with net profit margins of 29slotostarsnodepositbonus2022.5% and 30slotostarsnodepositbonus2022.5%。