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<Research>Daiwa Cuts TP for TENCENT to HKD725, Reaffirms Buy Rating
Recommend 3 Positive 9 Negative 4 |
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In its report, Daiwa revisited its 4Q25 forecasts for TENCENT (00700.HK). The group's domestic gaming business was expected to slacken due to seasonal factors and a high base effect, whereas the international gaming business, after an exceedingly strong 3Q25, was assumed to stabilize. Besides, the recruitment of AI talent and GPU leasing costs will exert pressure on opex. Due to TENCENT's meager 4Q25 revenue, the broker lowered the group's gaming revenue forecast for the period. It was estimated that local gaming business revenue for 4Q25 was RMB37.3 billion, representing a 12% YoY rise but a 13% QoQ drop. The broker reduced TENCENT's EPS forecast for 2026-27 by 1-2%, reaffirmed its Buy rating, and trimmed the target price from HKD750 to HKD725. AASTOCKS Financial News Website: www.aastocks.com |
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