---
title: "CITIC Securities International: Raises Tencent Holdings Limited's target price to HKD 766 and maintains \"Buy\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/266142543.md"
description: "CITIC Securities International released a research report stating that it has raised the target price for Tencent Holdings Limited from HKD 700, an increase of 9% to HKD 766, maintaining an \"Overweight\" investment rating. The firm has upgraded its earnings forecast for Tencent, now expecting the group's revenue for the fiscal years 2025/26 to grow by 14%/10% year-on-year, and non-IFRS net profit to increase by 17%/15% year-on-year, primarily benefiting from ongoing cost control and AI-driven efficiency improvements that drive margin expansion. The firm noted that Tencent's forecasted price-to-earnings ratio for the fiscal years 2025/26 is 21x/19x (above the average +1 standard deviation), compared to 17x/15x for its Chinese peers and 28x/28x for its U.S. counterparts. With a strong community network moat and AI technology, the firm believes that AI agents, advertising, AI product commercialization, overseas opportunities, and AI-driven margin improvements will provide Tencent with profit and valuation upside potential. Key risks: 1) Macroeconomic/Consumer; 2) Regulation; 3) Competition; 4) Product pipeline"
datetime: "2025-11-17T08:26:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266142543.md)
  - [en](https://longbridge.com/en/news/266142543.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266142543.md)
---

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# CITIC Securities International: Raises Tencent Holdings Limited's target price to HKD 766 and maintains "Buy" rating

According to the Zhitong Finance APP, China Merchants Securities International released a research report stating that it has raised the target price for Tencent Holdings (00700) from HKD 700 to HKD 766, an increase of 9%, while maintaining an "Overweight" investment rating. The firm has upgraded its earnings forecast for Tencent, now expecting the group's revenue for the fiscal year 2025/26 to grow by 14%/10% year-on-year, and non-IFRS net profit to grow by 17%/15% year-on-year, mainly benefiting from ongoing cost control and AI-driven efficiency improvements that promote margin expansion.

The firm pointed out that Tencent's forecasted price-to-earnings ratio for the fiscal year 2025/26 is 21x/19x (above the average +1 standard deviation), compared to 17x/15x for its Chinese peers and 28x/28x for its U.S. peers. With a strong community network moat and AI technology, the firm believes that AI agents, advertising, AI product commercialization, overseas opportunities, and AI-driven margin improvements will provide Tencent with upside potential in earnings and valuation. Major risks include: 1) macro/consumer; 2) regulation; 3) competition; 4) product pipeline

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

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