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CICC Expects TENCENT (00700.HK) 1Q Results to be Strong; Reiterated Buy
CICC, in its report, expected the 1Q results of TENCENT (00700.HK)  +4.800 (+3.095%)    Short selling $518.96M; Ratio 15.117%   to be strong and the 1Q revenue to grow 41% yearly or 3.8% quarterly to RMB31.6 billion, mainly boosted by PCs and mobile phones games. According to non-GAAP, net profit rose 36.3% yearly or 7.4% quarterly to RMB9.6 billion.
The research house expected the revenue from advertising to gain 113% yearly and 1.2% quarterly, beating the market expectation of falling 2% quarterly.
CICC maintained TENCENT at Buy with target of $188.

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