TENCENT(HK:00700) Ge Long Hui·2025-10-15 02:56Core Viewpoint - Tencent's third-quarter revenue from gaming is expected to increase by 15% year-on-year for local income and 22% for international income, with online advertising revenue rising by 20% and financial technology and enterprise services revenue increasing by 10% [1] Revenue Expectations - Gaming business revenue is projected to grow 15% locally and 22% internationally [1] - Online advertising revenue is anticipated to rise by 20% [1] - Financial technology and enterprise services revenue is expected to increase by 10% [1] Profitability Projections - Gross margin for the third quarter and the full year is expected to be 56.4% and 56.3%, respectively, representing an increase of 330 and 340 basis points year-on-year [1] - Adjusted operating profit margin is projected to reach 37.2% for the third quarter and 37.3% for the full year, reflecting an increase of 59 and 132 basis points year-on-year [1] Investment Rating - The firm maintains a "Buy" rating on Tencent, raising the target price from 685 HKD to 780 HKD due to the company's ongoing progress in revenue growth and AI development [1]