Zhi Tong Cai Jing·2025-08-14 06:23Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue and adjusted operating profit growing by 15% and 19% year-on-year, surpassing forecasts by 4% and 8% respectively [1] Group 1: Financial Performance - Tencent's three core businesses—online gaming, advertising, and cloud services—each achieved approximately 20% revenue growth [1] - The adjusted net profit forecasts for 2025 and 2026 have been raised by 2% and 3% respectively [1] Group 2: Future Outlook - The upcoming launch of the mobile game "Valorant" within the month is viewed positively [1] - Continuous empowerment of various businesses through AI technology is expected to contribute to growth [1] Group 3: Target Price and Rating - The target price for Tencent has been increased from HKD 710 to HKD 740 [1] - The rating remains "highly confident to outperform the market" [1]