腾讯控股：Inline 2Q24 results; games business to drive revenue growth acceleration in 2H24E

Tencent (700 HK) Tencent reported 2Q24 results on 14 Aug: total revenue grew by 8% YoY to RMB161.1bn, in line with our/consensus estimate of RMB160.9/161.4bn; nonIFRS operating profit grew by 27% YoY to RMB58.4bn, largely in line with our estimate of RMB57.7bn; non-IFRS net income increased by 53% YoY to RMB57.3bn and was 17/18% ahead of our/consensus estimate, mainly due to the increase in share of profit of associates (+RMB6.6bn YoY). Underpinned by strong growth in game gross receipt, we are upbeat on th ...