大和：重申腾讯控股“买入”评级 看好国际游戏拓展

Core Viewpoint - Daiwa maintains a "Buy" rating on Tencent Holdings (00700) with a target price of HKD 750, corresponding to a projected P/E ratio of 20.6 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 game business progress, indicating that Tencent is exporting best practices of "games as a service" globally [1] - The integration of Chinese and foreign elements is expected to enhance the appeal of domestic games, with optimism about Tencent's international game expansion and commercialization efforts [1] Group 2: AI and Cloud Capabilities - Tencent is recognized for its unparalleled AI and cloud capabilities, with AI playing a crucial role throughout the entire game lifecycle [1]