＜Research＞BofAS: TENCENT (00700.HK) Switches Growth Engine; Rating Buy Kept

　　BofA Securities issued a research report expecting TENCENT (00700.HK) -5.200 (-1.310%) Short selling $2.10B; Ratio 19.325% 's growth engine to shift to its game and advertising businesses to offset a slowdown in its fintech business, and continuing to anticipate the Company's profit to beat the cycle.

　　For 2Q24, BofA Securities slightly lowered its revenue forecast to RMB159.5 billion, implying a 7% YoY increase, and raised its below-market-consensus 2Q24 adjusted net profit forecast to a 27% YoY growth (originally estimation of a 24% rise).

　　Related NewsHSBC Global Research Raises TENCENT TP to $475, Earning Forecast

　　The broker also maintained its forecast of a 16% YoY incline in advertising revenue, and a 8% YoY growth in game revenue. BofA Securities rated TENCENT at Buy, with a target price of $480.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.)

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