DBS analysts Sachin Mittal and Andy Yu reported that with the acceleration of monetization in top-ranking games and new games like Dungeon & Fighter Mobile, Tencent's game revenue growth may accelerate this year. They stated that Tencent's international gaming business currently accounts for 30% of its total game revenue, and from 2023 to 2026, this business's compound annual growth rate could reach 12%, growing rapidly. High-margin income sources such as video account advertisements may support its gross margin growth. DBS expects Tencent's advertising revenue to grow at a compound annual growth rate of 15% from 2023 to 2026. DBS maintains a buy rating on Tencent stocks, but raises the target price from HKD 537.00 to HKD 577.00.
星展：腾讯游戏收入增长可能加速 将其目标价从537.00港元上调至577.00港元
DBS: Tencent's game revenue growth may accelerate, raising the target price from HKD 537.00 to HKD 577.00.
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