CICC International: Raises Tencent Holdings (00700.HK) Target Price to 604 Hong Kong dollars, Expects Second Quarter Total Revenue to Increase by 10%

According to the Wisdom Financial APP, CICC released a research report stating that considering the stable performance of Tencent Holdings (00700.HK) and the development of its AI ecosystem, as well as the shareholder returns of the group, at the same time, the bank believes that its AI investment has shown results, therefore raising the target price to 604 Hong Kong dollars, corresponding to a price-earnings ratio of 20 times in 2025, and maintaining a "buy" rating.