TENCENT(HK:00700) Ge Long Hui·2025-11-17 02:29Core Viewpoint - Tencent's Q3 total revenue increased by 15% year-on-year to 192.9 billion yuan, exceeding market consensus and the bank's estimates by 2% and 4% respectively, driven by robust growth in gaming revenue, which rose by 23% year-on-year [1] Group 1: Financial Performance - Non-IFRS operating profit increased by 18% year-on-year to 72.6 billion yuan, aligning closely with market consensus and the bank's estimates despite higher-than-expected operating expenses [1] - The bank has raised Tencent's total revenue forecast for the fiscal years 2025 to 2027 by 3% to 5%, reflecting stronger-than-expected growth in gaming revenue [1] Group 2: Future Outlook - The bank remains optimistic about Tencent's long-term opportunities in the AI sector, considering its diversified application scenarios and large user base [1] - The bank has adjusted its valuation window forward to the fiscal year 2026 and increased the target price from 705 HKD to 760 HKD, maintaining a "Buy" rating [1]