Furui: Maintains "Buy" rating on TENCENT (00700) with target price raised to HK$794

Citi Research released a research report stating that it maintains a "buy" rating on TENCENT (00700) with a target price raised from 706 Hong Kong dollars to 794 Hong Kong dollars. In terms of marketing services, Tencent's revenue growth is benefited by multiple factors driven by AI. Financial technology and enterprise services benefit from the accelerated development of non-payment businesses (such as consumer loans) and cloud services. The bank stated that it reiterates Tencent as its top pick for 2026, with AI becoming a growth catalyst in all business areas. The bank pointed out that the company's product portfolio strategy for online games drove growth in the third quarter, and the group continued to strive to create top-notch game products. "Delta Operation" reached a new milestone in daily active users in September 2025, and the bank expects it to become another long-lasting game.