UBS released a research report stating that Tencent's overseas game businessbigbassbonanzafreeThe recovery seems to have been ignored by investors. Citing industry data, Supercell, a Finnish mobile game company acquired by Tencent in the early years, is expected to resume growth in the first quarter of this year, with revenue growth expected to reach 82%. Since Supercell contributes about 10% of Tencent's game revenue, it is expected to directly benefit Tencent's growth.

At the same time, the overseas revenue of its masterpiece "Jedi Survival" has increased since the second half of last year and is expected to grow by 34% year-on-year in the first quarter. UBS hopes that its game business will perform well in the international market and will support the company to record significant improvements.

This line also refers to, exceptbigbassbonanzafreeWith the launch of the "Dungeon and Warriors" mobile game, the potential rebound in the performance of existing games may also bring room for growth. Tencent's transformation of existing games based on the WeChat ecosystem and the realization driven by future applications of artificial intelligence technology can increase the visibility of Tencent's earnings growth. UBS raised Tencent's 2024 - 2026 earnings per share forecast by 3% to 4%, raising its target price to HK$438.