Citi: TENCENT (00700) 2026 Global Digital Ecosystem Summit May Be a Catalyst; Reiterates "Buy" Rating with Target Price of HK$755

Citi issued a research report reiterating a "Buy" rating on TENCENT (00700) with a target price of HK$755, implying 95.4% upside from the October 26 closing price. The bank believes the upcoming 2026 Global Digital Ecosystem Summit could be a potential catalyst for the company's share price, with the company potentially announcing the official version of Hy4.0, sharing operational milestones for WorkBuddy, and updating on Tencent Cloud infrastructure upgrades and its global cloud expansion strategy. The bank stated that although the Chinese internet sector as a whole remains weak, the recent weak share price performance offers long-term investors a better buying opportunity. Citi remains constructive on the positioning of AI agents and reiterates its "Buy" rating on Tencent.