智通财经网·2026-01-21 07:25Core Viewpoint - Daiwa has downgraded Tencent Holdings' revenue forecast for the last quarter due to weak overall performance, particularly in the gaming sector, while maintaining a "Buy" rating but lowering the target price from HKD 750 to HKD 725 [1] Group 1: Revenue Performance - Tencent's local gaming business revenue for the last quarter is expected to be RMB 37.3 billion, reflecting a year-on-year growth of 12% but a quarter-on-quarter decline of 13% [1] Group 2: Earnings Forecast - Daiwa has reduced its earnings per share estimates for Tencent for 2026 to 2027 by 1% to 2% [1] Group 3: Business Outlook - The slowdown in Tencent's domestic gaming business is anticipated due to seasonal factors and a high base effect, while the international gaming business is expected to stabilize after an exceptionally strong third quarter [1] - Increased recruitment of AI talent and GPU leasing costs are projected to exert upward pressure on operating expenses [1]