CICC: Maintains "Outperform" rating on TENCENT (00700), target price of HKD 468

CICC released a research report, maintaining a "outperform" rating on TENCENT (00700) with a target price of 468 Hong Kong dollars. Recently, Tencent held an investor conference where the management highlighted Tencent Pictures, CHINA LIT operational strategy, and shared the company's latest strategies. The bank pointed out that Tencent's stock price experienced a significant decline on January 7th, but the company repurchased 1.5 billion Hong Kong dollars, far exceeding its average repurchase amount of 700 million Hong Kong dollars per day. The bank maintained its revenue and profit forecast for Tencent in 2024/2025 unchanged, while introducing revenue and profit forecast for 2026, expecting Tencent's revenue in 2026 to be 744.7 billion RMB, and the estimated Non-IFRS net profit in 2026 to be 280.4 billion.