CICC: Maintains Tencent Holdings (00700) "Outperform" rating with a target price of 700 Hong Kong dollars.

According to the Wise Finance APP, CICC released a research report stating that based on the strong growth of games, they have raised Tencent Holdings' (00700) 2026 revenue by 1% to 831.2 billion yuan, and raised the Non-IFRS net profit for 2025/2026 by 2% and 2% respectively to 260.4/290.1 billion yuan. They maintain a "outperform industry" rating and a target price of 700 Hong Kong dollars, corresponding to 23x/20x 2025e/2026e Non-IFRS P/E, with a 7% upside potential from the current stock price. The current trading is at 21x/18x 2025e/2026e Non-IFRS P/E.