---
title: "BOC International: Raises Tencent Holdings Limited's target price to HKD 634 and reiterates \"Buy\" rating"
description: "BOC International released a research report stating that Tencent Holdings' first-quarter performance exceeded expectations, with revenue increasing by 13% year-on-year, which is 3% higher than the ba"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/240484365.md"
published_at: "2025-05-16T02:08:02.000Z"
---

# BOC International: Raises Tencent Holdings Limited's target price to HKD 634 and reiterates "Buy" rating

> BOC International released a research report stating that Tencent Holdings' first-quarter performance exceeded expectations, with revenue increasing by 13% year-on-year, which is 3% higher than the bank's and the market's general expectations. The bank believes that Tencent's accelerated investment in artificial intelligence and its gradual monetization are forming a virtuous cycle of business development, driving improvements in operational efficiency and continuous expansion of gross profit margins. It is expected that the company will capture sustainable opportunities brought by AI in content generation, distribution, and commercialization. BOC International reiterated its "Buy" rating on Tencent, raising the target price to HKD 634, and adjusting the adjusted earnings per share forecast for 2025 to 2027 upward by 1% to 2%, with game revenue forecasts raised by 3% to 4% and online advertising revenue forecasts raised by 3% to 8%

According to the Zhitong Finance APP, BOC International has released a research report stating that Tencent Holdings (00700) exceeded expectations in its first-quarter performance, with a year-on-year revenue growth of 13%, which is 3% higher than the bank's and the market's general expectations. The bank believes that Tencent's accelerated investment in artificial intelligence and its gradual monetization are forming a virtuous cycle for business development, driving improvements in operational efficiency and continuous expansion of gross profit margins. It is expected that the company will capture sustainable opportunities brought by AI in content generation, distribution, and commercialization. BOC International reiterated its "Buy" rating on Tencent, raising the target price to HKD 634, and adjusted its earnings per share forecast for 2025 to 2027 upward by 1% to 2%, while raising its game revenue forecast by 3% to 4% and online advertising revenue forecast by 3% to 8%

### Related Stocks

- [TCTZF.US - Tencent Holdings Limited](https://longbridge.com/en/quote/TCTZF.US.md)
- [TCEHY.US - Tencent](https://longbridge.com/en/quote/TCEHY.US.md)
- [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.