大行评级丨大摩：调高腾讯目标价至700港元，重申首选股

Core Viewpoint - Morgan Stanley raised Tencent's target price by 7.7%, from HKD 650 to HKD 700, maintaining an "Overweight" rating and reaffirming it as a preferred stock [1] Group 1: Business Performance - Tencent's core business is experiencing steady growth, with expectations that AI deployment will continue to drive stable revenue growth and yield high returns on investment (ROI) [1] - Concerns regarding profit margin pressure from AI investments have eased [1] Group 2: Capital Expenditure - Tencent maintained its capital expenditure guidance, reporting RMB 47 billion in capital expenditure for the first half of the year, with Morgan Stanley projecting a total of RMB 97 billion for the year, aligning with expectations [1] - Capital expenditure is expected to accelerate in the second half of the year as sales recover in mainland China [1] Group 3: Revenue and Profit Forecasts - Morgan Stanley anticipates Tencent's Q3 revenue and non-IFRS operating profit to increase by 12% and 14%, respectively; gaming revenue is expected to rise by 16%, while advertising revenue is projected to grow by 20% [1] - Financial technology and enterprise services (FBS) revenue is expected to increase by 9% [1] - Revenue and adjusted operating profit forecasts for the next two years have been raised by 2%, with projected revenues of RMB 743.5 billion and RMB 812.8 billion for this year and next year, respectively, and adjusted operating profits of RMB 275.8 billion and RMB 311.2 billion [1]