0332 GMT - Tencent will likely report 1Q earnings that are broadly in-line but a slight beat, Citi analysts write in a note. The company may see some upside risks on strong gaming revenues, they add. Tencent will likely release at least eight new games in 2Q, which could mitigate a high base effect from Dungeon & Fighter Mobile last year, they say. While macro and advertisement budget sentiment could be affected by a tariff overhang, the ads revenue could be supported by the shopping festival on June 28 and improving AI advertisement targeting, they add. Investors will be watching for its integration progress of DeepSeek and Hunyuan to Tencent's various applications, among others. Citi maintains a buy rating for the stock but cuts its target price to HK$670 from HK$681 after an estimates revision. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
April 28, 2025 23:32 ET (03:32 GMT)
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