0302 GMT - Tencent's games revenue could sustain its double-digit growth into 4Q and 2025 thanks to solid gross receipts growth for both domestic and international titles, Citi analysts say in a research note. Citi expects Tencent's domestic games revenue to grow 16% on year and international games sales to rise 14%. Tencent's ad revenue could continue to outgrow industry peers given its relatively lower ad load while leveraging the WeChat platform's large user base, they say. "While it takes time for recent stimulus policies to take effect, management sounded constructive on longer-term economic outlook and will remain focus on delivering result it could control," they add. Citi maintains a buy call on Tencent and keep its target price at HK$573.00. Shares are last 1.4% higher at HK$409.40. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
November 13, 2024 22:02 ET (03:02 GMT)
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