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Minsheng Securities: Maintains Tencent Holdings' 'Recommended' rating, local evergreen game performance is improving, overseas rise target is stable

Jinshi data news on November 8th, Minsheng Securities released a research report stating that it maintains a “recommended” rating for Tencent Holdings (00700.HK), with expected revenues of 659.1/715.4/773 billion yuan for 2024/2025/2026, and non-IFRS attributable net profits of 214.6/240.4/260 billion yuan, based on the November 7, 2024 Closing Price, corresponding to adjusted PEs of 17X/15X/14X.

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