Zhongtong Finance app learned that Nomura released a research report which rated Tencent (00700) as a "buy", raising its non-International Financial Reporting Standards earnings by 5% in 2024, while the revenue forecast remains largely unchanged. The target price has been increased from HKD467 to HKD478. The company's total revenue for the second quarter met market expectations; non-International Financial Reporting Standards earnings exceeded expectations, believed to be driven by higher-than-expected non-operating income; gross margin reached 53.3%, also higher than expected.

The bank predicts that the group's online game revenue will further recover, with revenue in the second half of the year expected to increase by 12% year-on-year, driven by major games such as Dungeon and Warrior, Fearless Contract, and Supercell's flagship game, Clash of Clans. On the other hand, the difficult environment led to a year-on-year decline in the group's mobile network advertising revenue, and it is expected that the overall advertising revenue growth in the second half of the year will slow down, with an expected year-on-year increase of 14%.