智通财经网·2025-12-16 07:16Core Viewpoint - Daiwa maintains a "Buy" rating on Tencent Holdings (00700) with a target price of HKD 750, corresponding to a forecasted P/E ratio of 20.6 times for 2026, citing potential downside risk from underperforming game results [1] Group 1: Game Business Insights - Daiwa attended Tencent's PUBG Mobile esports event and engaged with management regarding the progress of the gaming business [1] - The firm believes Tencent is exporting best practices of "games as a service" globally, enhancing the appeal of domestic games through a blend of Chinese and foreign elements [1] - There is optimism regarding Tencent's international gaming expansion and commercialization efforts [1] Group 2: AI and Cloud Capabilities - Tencent is recognized for its unparalleled AI and cloud capabilities, which play a crucial role throughout the entire gaming lifecycle [1]