<h3>Macquarie: Resumes coverage of Tencent, reiterates &#34;outperform&#34; rating with a target price of HKD 455</h3>
<p>Macquarie expects an increase in the usage of video accounts, which means more advertising volume and wallet share. However, the bank does not expect advertising spending to accelerate rapidly this year. It is estimated that video account revenue will reach CNY 36 billion in 2026, accounting for about 20% of social advertising revenue. The bank believes that the company's business ecosystem has untapped monetization opportunities.</p>
<h3>Macquarie: Initiates coverage of BYD COMPANY with an &#34;outperform&#34; rating and a target price of HKD 310</h3>
<p>The bank believes that the company has a clear market share target and is willing to adopt strategies to counter price wars. It also considers this as a short-term focus, mainly due to BYD's superior cost base, which prevents the group from losing sight of the bigger picture.</p>
<h3>Morgan Stanley removes Microsoft from its top stock list, maintains &#34;overweight&#34; rating with a target price of USD 415</h3>
<p>The bank points out that Microsoft's strong positioning in public cloud adoption and artificial intelligence, coupled with its extensive distribution channels and established customer base, is expected to support the continuous expansion of profits and earnings per share.</p>
<h3>BOC International: Slightly lowers target price of XIAOMI-W-W to HKD 21.92, maintains &#34;buy&#34; rating</h3>
<p>The bank reiterates its positive outlook on XIAOMI-W electric vehicles. The report believes that electric vehicles will be a catalyst for XIAOMI-W's investment this year. The report states that pricing still has significant uncertainty, but it believes that XIAOMI-W can provide high-cost performance products in a fiercely competitive market, given the strong sales of its first electric vehicle.</p>
<h3>CICC: Ideal Car-W exceeds annual sales target, maintains &#34;buy&#34; rating</h3>
<p>Taking into account the December sales performance, the competitiveness of existing products, and future product planning, the projected revenue per share for 2023-2025 is RMB 57.3/103.68/147.11.</p>

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<p>Morgan Stanley expects that the usage of Tencent Video accounts will further increase, which means more advertising volume and a larger share of the wallet for the advertising business. However, they do not anticipate a rapid acceleration in advertising spending growth this year. It is estimated that the revenue contribution from video accounts will reach 36 billion yuan by 2026, accounting for about 20% of social advertising revenue. The bank believes that there are untapped monetization opportunities in the company's business ecosystem.</p>

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Rating Quick Look | TENCENT, BYD "Outperforming the Market"! XIAOMI-W Target Price Downgraded!