Tencent: Lowering 3Q Estimates Partly due to Challenging Macro
What’s New: We lower our 3Q24 top line estimates as macro remains challenging in the quarter which may impact segments such as ads and fintech services. Despite the downward adjustments in near-term estimates, we up our PT from HKD450 to HKD530 partly due to potential rerating based on recent stimulus measures. Our updated PT of HKD530 implies 19.0x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.
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