--- title: "Macquarie: Tencent Holdings has limited short-term profit improvement potential, target price lowered to HKD 559" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/279877490.md" description: "Macquarie's research report indicates that Tencent Holdings' performance in the fourth quarter of 2025 is healthy, supported by its video accounts and resilient gaming portfolio; during this period, revenue and adjusted net profit grew by 13% and 17% year-on-year, respectively. The firm has lowered its adjusted earnings per share forecasts for Tencent for 2026 and 2027 by 1% and 3%, respectively, and reduced the target price from HKD 569 to HKD 559, maintaining a \"Neutral\" rating. It believes that the short-term profit upside is limited and expects the stock price to remain range-bound until substantial breakthroughs are achieved in AI-led initiatives. Management is shifting towards a capital-intensive catch-up phase, focusing on AI infrastructure, foundational models, and new product development. Although the firm believes this is the right move, in the short term, the potential for AI-enabled margin expansion may be offset by intensive capital requirements" datetime: "2026-03-20T02:47:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279877490.md) - [en](https://longbridge.com/en/news/279877490.md) - [zh-HK](https://longbridge.com/zh-HK/news/279877490.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279877490.md) | [English](https://longbridge.com/en/news/279877490.md) # Macquarie: Tencent Holdings has limited short-term profit improvement potential, target price lowered to HKD 559 According to a research report by Macquarie, Tencent Holdings (00700) is expected to have a healthy performance in the fourth quarter of 2025, supported by its video accounts and resilient gaming portfolio; during this period, revenue and adjusted net profit are expected to grow by 13% and 17% year-on-year, respectively. The firm has lowered its adjusted earnings per share forecasts for Tencent for 2026 and 2027 by 1% and 3%, respectively, and reduced the target price from HKD 569 to HKD 559, maintaining a "Neutral" rating, believing that the short-term profit upside is limited, and expects the stock price to remain range-bound until substantial breakthroughs are achieved in AI-driven initiatives. Management is shifting towards a capital-intensive catch-up phase, focusing on AI infrastructure, foundational models, and new product development. Although the firm believes this is the right move, in the short term, the potential for AI-enabled margin expansion may be offset by intensive capital demands ### 相關股票 - [TENCENT (00700.HK)](https://longbridge.com/zh-HK/quote/00700.HK.md) - [Tencent (TCEHY.US)](https://longbridge.com/zh-HK/quote/TCEHY.US.md) - [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-HK/quote/TCTZF.US.md) - [ChinaAMC CSI Animation Game ETF (159869.CN)](https://longbridge.com/zh-HK/quote/159869.CN.md) - [iShares MSCI China (MCHI.US)](https://longbridge.com/zh-HK/quote/MCHI.US.md) - [Wedbush ETFMG Video Game Tech ETF (GAMR.US)](https://longbridge.com/zh-HK/quote/GAMR.US.md) - [Yinhua MSCI China A ETF (512380.CN)](https://longbridge.com/zh-HK/quote/512380.CN.md) - [AXA SPDB CSI Hugangshen Game and Culture Media ETF (517770.CN)](https://longbridge.com/zh-HK/quote/517770.CN.md) - [Global X Video Games & Esports ETF (HERO.US)](https://longbridge.com/zh-HK/quote/HERO.US.md) - [VanEck Video Gaming and eSport ETF (ESPO.US)](https://longbridge.com/zh-HK/quote/ESPO.US.md) - [Guotai CSI Animation Game ETF (516010.CN)](https://longbridge.com/zh-HK/quote/516010.CN.md) - [CSOP HS TECH (03033.HK)](https://longbridge.com/zh-HK/quote/03033.HK.md) - [Global X Cloud Computing ETF (CLOU.US)](https://longbridge.com/zh-HK/quote/CLOU.US.md) - [SPDR S&P Software (XSW.US)](https://longbridge.com/zh-HK/quote/XSW.US.md) - [Krne Csi China Internet (KWEB.US)](https://longbridge.com/zh-HK/quote/KWEB.US.md) - [Emerging Markets Internet ETF (EMQQ.US)](https://longbridge.com/zh-HK/quote/EMQQ.US.md) - [iShares Expanded Tech Software Sector ETF (IGV.US)](https://longbridge.com/zh-HK/quote/IGV.US.md) ## 相關資訊與研究 - [Pony AI Taps WeChat's Billion Users To Supercharge Robotaxi Bookings](https://longbridge.com/zh-HK/news/279027140.md) - [Morgan Stanley Keeps Their Buy Rating on Tencent Holdings (TCTZF)](https://longbridge.com/zh-HK/news/279892254.md) - [Baidu’s DuClaw AI Agent Platform Tests Enterprise Demand And Valuation Gap](https://longbridge.com/zh-HK/news/279118490.md) - [Claude, ChatGPT, Cursor, and Other AI Agents Can Now Take Direct Action on WordPress.com Sites Through Natural Conversation](https://longbridge.com/zh-HK/news/279950526.md) - [06:43 ETCohesity and ServiceNow Deliver Real-Time Recovery for Enterprise AI Agents](https://longbridge.com/zh-HK/news/279579925.md)