Tencent Expected to Post Softer 4Q Revenue; Outlook Brightens -- Market Talk

Dow Jones2023-01-31

0259 GMT - Tencent's 4Q revenue likely fell 2% on year given China's surging Covid-19 infections that severely hit retail and business activities and affected the company's fintech and cloud business, Nomura analysts Jialong Shi and Thomas Shen say in a research note. The analysts estimate a 4% decline in online gaming revenue, while the outlook seems brighter, with China appearing to be relaxing rules on new game approvals. Nomura expects an improvement in Tencent's advertisement business due to a low base in 4Q 2021. The analysts maintain a buy rating on Tencent and raise the target price to HK$510.00 from HK$398.00 to factor in the impact of China's reopening. Shares are 1.1% lower at HK$383.00. (bingyan.wang@wsj.com)

(END) Dow Jones Newswires

January 30, 2023 21:59 ET (02:59 GMT)

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