Bank of America Securities: Reiterates "Buy" rating on TENCENT (00700) with a target price of 480 Hong Kong dollars.

Bank of America Securities issued a research report stating that it has reiterated a "buy" rating for TENCENT (00700), with a target price of HK$480, pointing out that its cloud business will benefit from three continuously growing demands. These include businesses turning to language models and artificial intelligence services to improve efficiency, mainland companies expanding overseas and increasing their demand for international digital services, as well as a rising demand for local software and hardware as businesses seek compatible solutions. Tencent is upgrading its artificial intelligence models, infrastructure, and applications, and its international services have a competitive edge, serving 10,000 customers and recording double-digit growth in the past three years.