Guangfa Securities: Maintains "Buy" rating for Tencent Holdings with a fair value of 668.49 Hong Kong dollars per share.

Guangfa Securities released a research report stating that Tencent Holdings' advertising and gaming businesses continue to drive the operating leverage of its main business, expecting revenue to reach 825.5 billion yuan and 904.2 billion yuan in 2026-2027, with a year-on-year growth of 9.8% and 9.5%. Increased AI capital expenditure in the second half of the year will drive up research and development costs, potentially dragging down short-term operating profit growth. It is expected that the adjusted net profit in 2026-2027 will be 267.9 billion yuan and 281.7 billion yuan, with a year-on-year growth of 3.2% and 5.2%. Based on the revenue and performance in 2026, the reasonable value calculated by the SOTP method is 668.49 Hong Kong dollars per share. The "buy" rating is maintained.