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BofAS Cites TENCENT: Game & Advertising Biz Poised for Decent Near-term Recovery TrendBofA Securities released a report on its visit to TENCENT (00700.HK) office during its internet tour in Shenzhen and Guangzhou.
The broker cited TENCENT management as confident of recent performance, with the commercialisation of local games progressing better in 3Q23 than in 2Q23.
The iOS game "MapleStory: The Legends of Maple", which was launched in August, ranked 6th in the market in terms of game grossing.
"Hyper Legend", a self-developed game to be launched on 21 September, recorded over 10 million pre-registrations.
"Need for Speed Mobile" is awaiting final approval.
International games continue to grow faster than local games.
BofAS expected TENCENT's advertising business will see healthy growth in 2H23, with e-commerce ads becoming more attractive as the company improves its ad performance, builds up its merchant brand database, and opens video account advertisement inventory.
TENCENT and BABA-SW (09988.HK) also stepped up their advertising cooperation.
The broker maintained its view that the advertising business will benefit from increased competition on e-commerce platforms as merchants seek to boost traffic, and TENCENT is a key beneficiary of this trend.
BofAS maintained a Buy rating on the company, with a target price of $450.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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