<h3>Guotai Junan Securities: Maintains &#34;Buy&#34; rating on TENCENT, target price of HKD 430</h3>
<p>The firm believes that despite the somewhat lackluster performance of &#34;Dream Star&#34; sequel, this does not mean that TENCENT's competitive advantage in large DAU games has weakened. Following &#34;Dream Star,&#34; TENCENT is set to launch several key game products in 2024 and beyond, which could drive the gaming business to maintain ideal growth and boost market confidence in the company's gaming business.</p>
<p>The firm mentioned that TENCENT still has the potential for new high-volume products, with a focus on games like &#34;DNF Mobile&#34; and &#34;Delta Force.&#34; 1) Exceeding expectations for obtaining publishing licenses, &#34;DNF Mobile&#34; is expected to contribute stable profits. NEXON's PC games in China generated revenue of about RMB 4.5 billion in 2023, with higher prospects for mobile game commercialization. 2) Collaborating with Ubisoft to develop the classic IP mobile game version of &#34;Assassin's Creed Jade,&#34; which is expected to perform well upon launch.</p>
<h3>Bank of America Securities: Expects Meituan's fourth-quarter revenue to increase by 20% year-on-year, target price lowered to HKD 132</h3>
<h3>Bank of America Securities: Reiterates &#34;Buy&#34; rating on XPeng Motors, target price lowered from HKD 57.7 to HKD 52.7</h3>
<p>The firm believes that the company's product lineup in the second half of the year will be very strong. However, it has lowered its sales forecast for XPeng this year to reflect market competition and the latest product lineup. Due to increased R&amp;D expenses, the forecast for net losses in the 2024 to 2025 fiscal years has been raised. With the sales forecast lowered, the target price has been reduced from HKD 57.7 to HKD 52.7.</p>
<h3>Goldman Sachs: Gives Li Auto a &#34;Buy&#34; rating, target price of HKD 215</h3>
<p>The company has upgraded the equipment diversity of the L series models, with the new suggested retail prices for L7 and L8 being respectively RMB 18,000, RMB 20,000, and RMB 30,000 lower than last year's Air/Pro/Max versions.</p>
<p>The firm believes that this adjustment will enhance the competitiveness of the Li Auto L series models. While the company has not officially indicated a price reduction, the firm expects the average selling price per quarter to continue to decline by 3 to 4% this year, and anticipates the group to deliver 161,000, 140,000, and 126,000 units of L7, 8, and 9 models respectively this year</p>

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<p>Guangda Securities believes that although "Dream of the Elements" has shown some weakness in its subsequent development, this does not mean that TENCENT's competitive advantage in large DAU games has weakened. Following "Dream of the Elements", TENCENT is expected to launch several key game products in 2024 and beyond, which may drive the gaming business to maintain ideal growth and boost market confidence in the company's gaming business</p>

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Rating Quick Look | XPeng-W, Meituan target prices lowered! Tencent's gaming business still remains optimistic