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<Research>UOB Kay Hian Expects TENCENT 4Q25 Rev. to Rise 13% YoY, Maintains Buy Rating
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Despite macro headwinds and the impact of advertising spending tax, TENCENT (00700.HK) is expected by UOB Kay Hian to maintain robust revenue growth in 4Q25, achieving a YoY increment of 13%, continuously benefiting from inventory release and AI empowerment.

The broker believed that TENCENT's near-to-mid-term catalysts will include: 1) the launch of several flagship new games in 2026; 2) continued improvement in AI-driven advertising placement efficiency; 3) the launch of AI-powered mini-program code development tools on WeChat. The Buy rating was maintained, with the target price remaining unchanged at HKD800.

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