Zhi Tong Cai Jing·2025-08-14 08:05Group 1 - Goldman Sachs raised Tencent Holdings' revenue and earnings per share forecasts for 2025 to 2027 by 1% to 6% due to improved stability in its gaming business, expansion in marketing services, recovery in fintech growth, and accelerated growth in cloud/e-commerce [1] - The firm upgraded Tencent's 12-month target price from HKD 658 to HKD 701 while maintaining a "Buy" rating [1] - Tencent reported its fastest revenue growth in four years and the highest historical gross margin in Q2, reinforcing its position as one of the most advantageous companies in China's internet sector [1] Group 2 - Capital expenditure forecasts for Tencent were raised to RMB 90 billion and RMB 102 billion for fiscal years 2025 and 2026, respectively, due to better-than-expected Q2 performance despite foreign chip supply constraints [2] - Game revenue is expected to grow by 18% and 11% for fiscal years 2025 and 2026, respectively, with the mobile version of "Valorant" launching in August likely to boost game revenue in late 2025 and early 2026 [2] - Marketing services revenue is projected to grow by 19% and 16% for fiscal years 2025 and 2026, respectively, with cloud revenue expected to grow by 19% in Q3 2025 [2]