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<Research>HSBC Global Research: TENCENT Strong Cash Flow Backs Shareholder Returns
Recommend 22 Positive 30 Negative 11 |
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TENCENT (00700.HK)'s 3Q24 game outlook remained solid, with better net cash flow and strong cash flow underpinning shareholder returns, HSBC Global Research said in its report. Video Account and search will be the short-term drivers for ads, whereas Mini Shops are still in the early stage of foundation building. The broker maintained its Buy rating and target price of $570 on TENCENT. The broker said Tencent is contented with the strong use of WeChat Pay on Taobao since October. The partnership with Taobao should gradually boost payment volumes and ad revenue over the long run. However, the broker believed that Tencent maintained a disciplined and stern execution process to ensure that the user experience is not compromised. AAStocks Financial News |
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