Goldman Sachs is bullish on Tencent, one of the most promisi...

Goldman Sachs is bullish on Tencent, one of the most promising internet giants in China, and is confident in its management team. Goldman Sachs recently had a discussion with Tencent's Chief Strategy Officer James Mitchell and its investor relations team. Despite the short-term pressure on Tencent's mobile advertising network, media advertising, and fintech/business payment due to macroeconomic conditions, Goldman Sachs believes that the accelerated growth in gaming, video channels, wealth management, and SaaS businesses has largely offset this impact. Goldman Sachs states that Tencent is still one of the most visible and sustainable-growth companies among the internet giants in China, and expresses confidence in Tencent's management team's clear strategy across various business lines. It maintains a buy rating with a 12-month target price of HKD 464, representing a 24.5% upside potential compared to the current stock price.