Zhi Tong Cai Jing·2025-11-13 04:05Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) is expected to show robust performance in Q3, with total revenue projected to grow by 14% year-on-year to 190 billion RMB, and adjusted EBIT expected to rise by 21% to 74.1 billion RMB [1] Revenue Breakdown - Online gaming business is anticipated to grow by 18% year-on-year [1] - Online advertising revenue is expected to increase by 20%, driven by technological upgrades and transformation [1] - Business services revenue is projected to grow by over 20% year-on-year [1] Future Outlook - The growth momentum from online gaming, advertising, and cloud services is expected to continue into Q4 of this year [1] - Tencent is identified as the largest beneficiary of artificial intelligence applications [1] Profit Forecast - The company has raised its adjusted net profit forecasts for the next two years by 0.8% each [1] - The rating of "highly confident to outperform the market" is reiterated, with a target price set at 740 HKD [1]