Core Viewpoint - Morgan Stanley forecasts Tencent's Q3 revenue to grow by 13% year-on-year, with non-IFRS operating profit expected to rise by 18%, indicating potential growth in gaming and advertising sectors, and a continued expansion in profit margins [1] Group 1 - Morgan Stanley maintains an "Overweight" rating on Tencent, setting a target price of HKD 700, and continues to list it as a preferred stock [1] - The firm has raised its non-IFRS operating profit forecasts for Tencent for the years 2025 to 2027 by 1% to 2% [1] - Capital expenditure for Tencent is projected to be HKD 320 billion from 2025 to 2027 [1] Group 2 - The firm is optimistic about Tencent's robust growth across all business segments, positive operating leverage, limited competition, and strong capital management and execution capabilities [1]