TENCENT HOLDINGS(700.HK)4Q25 PREVIEW:INLINE GP;COMMITTED AND CONSISTENT AI STRATEGIES
格隆汇·2026-01-17 04:36

Reiterate BUY and slightly lift our SOTP TP to HK$742.0 on our updated estimates with corresponding 2026E multiples assigned to each segment derived from corresponding market position and 2026E gross profit growth (18.0x PER for online game, 20.0x PER for online ad, 13.0x PER for fintech & BS, 3x PSR for cloud) and latest subsidiaries and investments' valuation. Enhanced growth engines on consistent AI strategies. We expect high quality growth engines will sustain on healthy user, community, content and mon ...