July 13, 2025 10:00 PM GMT Tencent Holdings Ltd. | Asia Pacific 2Q25 Preview: Solid Revenue and Earnings Growth | What's Changed | | | | --- | --- | --- | | Tencent Holdings Ltd. (0700.HK) | From | To | | Price Target | HK$630.00 | HK$650.00 | We see 2Q revenue and non-IFRS OP rising 11% and 14%, respectively, with solid games and ads growth, while FBS growth sees slight recovery. We expect narrower OP leverage driven by AI investment, but margins should continue to expand. Reiterate Top Pick, best 2C AI ap ...