External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

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Equity Bottom-Up

<div><div><div><div><ul><li>We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from opening-up in Dec 2022.</li><li>We slightly adjust FY22/4Q22E total revenue forecast down by 1/3%; but remain positive on the revenue recovery trajectory in FY23/24E, due to consumption recovery which should benefit Tencent’s consumer internet business, incremental contribution from Video Account monetization, and quality games pipeline.</li><li>We raise FY23/24E non-IFRS net income forecast by 1/2%, reflecting improved outlook of high-margin gaming and ad businesses, which should lead to better GPM in FY23/FY24E. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect Tencent’s 4Q22E results to be largely inline with our previous forecasts, except slightly severe impact on ad and FBS businesses from opening-up in Dec 2022.We slightly adjust FY22/4Q22E total revenue forecast down by 1/3%; but remain positive on the revenue recovery trajectory in FY23/24E, due to consumption recovery which should benefit Tencent’s consumer internet business, incremental contribution from Video Account monetization, and quality games pipeline.We raise FY23/24E non-IFRS net income forecast by 1/2%, reflecting improved outlook of high-margin gaming and ad businesses, which should lead to better GPM in FY23/FY24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent  (700 HK) – What next to look forward to?