CICC released a research report stating that it maintains Tencent Holdings (00700)'s “outperforming the market” rating, with a target price of HK$468. Recently, Tencent held an investor conference. The management focused on Tencent Video and Reading Group's operating strategies, and shared the latest company-level strategies.
The bank pointed out that Tencent's stock price fell sharply on January 7, and the company repurchased HK$1.5 billion, far exceeding its average repurchase amount of HK$0.7 billion the previous day. The bank kept Tencent's 2024/2025 revenue and profit forecast unchanged, and introduced the 2026 revenue and profit forecast. The bank expects Tencent's 2026 revenue to be 744.7 billion yuan (same below), and estimates non-IFRS net profit for 2026 to be 280.4 billion yuan.
