ZhaoYin International: Maintains Tencent Holdings "Buy" rating with a target price of HKD 705

CMB International released a research report stating that it maintains a "Buy" rating for Tencent Holdings, with a target price of HKD 705. The firm attended the 2025 Tencent Global Digital Ecosystem Conference on September 16-17, with key points including: 1) Tencent Cloud clearly focuses on two strategic directions of "intelligent" and "global" engines, with AI empowering customers + globalization becoming key strategic directions; 2) In terms of intelligence, the company accelerates the implementation of AI application scenarios for both C-end and B-end, and releases a panoramic view of Tencent's intelligent agent strategy, fully opening intelligent agent solutions to help enterprises build intelligent agents; 3) In terms of globalization, Tencent Cloud's international business achieved high double-digit growth in the past year, with the number of overseas customers doubling year-on-year. In the future, Tencent Cloud will strengthen its international business layout around infrastructure, product technology, and service capabilities. Looking ahead to the medium and long term, the firm is optimistic that demand for AI products and overseas business will become important drivers of revenue growth for Tencent Cloud