CITIC Securities: Raises Tencent Holdings Limited's target price to HKD 700, maintains "Buy" rating
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CITIC Securities raised the target price for Tencent Holdings to HKD 700, maintaining a "Buy" rating. It is expected that AI agents, advertising, and the commercialization of AI products will drive Tencent's revenue and valuation growth. Tencent's second-quarter performance exceeded expectations, with revenue increasing by 15% year-on-year and non-IFRS net profit growing by 10%. Despite being affected by chip supply constraints, capital expenditure was RMB 19.1 billion, still in line with the company's guidance. The forecast for capital expenditure for the fiscal years 2025/2026 remains at RMB 97 billion and RMB 107 billion
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