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<Research>CMSI Cuts TENCENT (00700.HK) TP to HKD632; 1Q Results In Line; Rating Overweight
Recommend 35 Positive 46 Negative 37 |
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CMSI issued a report covering TENCENT (00700.HK)'s 1Q results, which were broadly in line. Revenue hiked 9% YoY, while non-IFRS net profit added 11% YoY, on the ride of margin improvement in its core businesses, partially offset by AI-related investments. AI continued to juice accelerated growth in TENCENT's core businesses, the report noted. The WeChat Agent was expected to be launched in 3Q26, becoming a key differentiating competitive advantage for the company. CMSI maintained its Overweight rating on TENCENT. Due to increased investment, it lowered its earnings forecasts for 2026-28 by 2-9%, but remained optimistic about its unique market position and growth opportunities driven by Agentic AI. The TP was cut to HKD632 from the previous HKD700. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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