Core Viewpoint - The report from Credit Lyonnais indicates that Tencent Holdings (00700) exceeded expectations in its second-quarter performance, with revenue and adjusted operating profit growing by 15% and 19% year-on-year, surpassing forecasts by 4% and 8% respectively [1] Group 1: Financial Performance - Tencent's three core businesses—online gaming, advertising, and cloud services—each achieved approximately 20% revenue growth [1] - The adjusted net profit forecasts for 2025 and 2026 have been raised by 2% and 3% respectively [1] Group 2: Future Outlook - The upcoming launch of the mobile game "Valorant" within the month is viewed positively [1] - Continuous empowerment of various businesses through AI technology is expected to contribute to growth [1] Group 3: Target Price and Rating - The target price for Tencent has been increased from HKD 710 to HKD 740 [1] - The rating remains "highly confident to outperform the market" [1]

Group 1 - The core viewpoint of the report indicates that Tencent's Q2 revenue and adjusted earnings per share grew by 15% and 13% year-on-year, respectively, aligning with market expectations [1] - The company anticipates continued strong growth in its gaming business, driven by titles such as "Delta Force" and "Clash Royale," which are expected to sustain double-digit growth in gaming revenue for the second half of the year [1] - The recently launched mobile game "Valorant" is expected to act as a short-term catalyst for revenue growth [1] Group 2 - Marketing services revenue increased by 20% in Q2, attributed to higher click-through rates and increased impressions from WeChat and video accounts, with projections of maintaining a 20% growth rate from 2025 to 2027 [1] - Based on the favorable outlook for gaming growth, the company has revised its revenue and earnings per share forecasts for 2025 to 2027 upwards by 1% to 5% and 3% to 6%, respectively [1] - The target price for Tencent has been raised from HKD 670 to HKD 750, with a reiterated "buy" rating [1]

Core Viewpoint - UBS reports that Tencent Holdings (00700) has exceeded expectations in its Q2 performance, with a 15% year-on-year revenue growth, surpassing market expectations by 3% [1] Financial Performance - Revenue increased by 15% year-on-year, exceeding market expectations by 3% [1] - Adjusted operating profit rose by 18% year-on-year, exceeding expectations by 5% [1] - Gross margin expansion contributed significantly to the strong performance [1] Business Segments - Online gaming and advertising businesses showed strong performance, providing visibility for revenue in the second half of the year [1] - Upcoming launches such as "Delta Action" PC version, "Valorant" mobile game, and the 10th anniversary event of "Honor of Kings" are expected to drive growth [1] Investment Outlook - UBS maintains Tencent as a top industry pick, raising the target price from HKD 710 to HKD 720 and reiterating a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 have been increased by 3% to 4% [1] Capital Expenditure - Capital expenditure decreased by 30% quarter-on-quarter in Q2 [1] - UBS views this reduction as a short-term impact due to GPU import restrictions, with management indicating a continued diversified chip strategy and efficiency improvements [1]

瑞银发表研究报告指，腾讯次季业绩全面超预期，收入按年增长15%，较市场预期高出3%，经调整经 营利润按年升18%，超出预期5%，主要受惠于毛利率扩张。期内线上游戏及广告业务表现强劲，瑞银 认为可为下半年收入提供一定可见性。展望下半年，瑞银预期《三角洲行动》PC版、《Valorant》手游 及《王者荣耀》十周年活动的推出将推动增长，对AI变现及资本开支看法正面。次季资本开支按季减 少30%，瑞银指，投资者应理解为GPU进口限制的短期影响，而管理层亦表示会继续采用多元化芯片策 略并提升效率。瑞银重申腾讯为行业首选，目标价由710港元上调至720港元，维持"买入"评级，并将 2025至2027年每股盈利预测上调3%至4%。 本文源自：金融界AI电报 ...