Citi: Expects Tencent Holdings' Q2 performance to be stable, raises target price to HKD 699, maintains "Buy" rating
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Citi expects Tencent Holdings' performance in Q2 2025 to be stable, with non-GAAP net profit increasing by 4.9% year-on-year to RMB 60.1 billion, and revenue and profit expected to meet or exceed market expectations. The target price has been raised from HKD 695 to HKD 699, maintaining a "Buy" rating. Tencent's online advertising revenue is expected to grow by 16.5% year-on-year, and the gaming business will support stable revenue due to new game releases and content upgrades. Tencent will announce its performance on August 13 and will highlight the latest developments in AI models and the new game pipeline
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