Accessible version Tencent Holdings Addressing key investor inbounds post 3Q25; reiterate sector top pick Reiterate Rating: BUY | PO: 780.00 HKD | Price: 641.00 HKD Balanced AI strategy on application and infra investment Tencent 3Q25 capex of RMB13bn came in below consensus, but mgmt clearly noted this was solely due to chip availability – in fact, Tencent leased additional computing resource in 3Q25 to support AI research and inference. Investors we talked to post results generally understand the dynamic ...