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<Hindsight>Brokers' Latest TPs/ Opinions on TENCENT After Results Ann
Recommend
14
Positive
30
Negative
8
Broker│Rating│TP (HKD)
Daiwa│Buy│670->750
CLSA│High Conviction Outperform│710->740
UOB Kay Hian│Buy│650->736
Citi│Buy│699->735
Nomura│Buy│670->721
UBS | Buy | 710-> 720
Jefferies | Buy | 665 -> 706
Goldman Sachs | Buy | 658 -> 701
Morgan Stanley | Overweight | 650 -> 700
HSBC Global Research | Buy | 650 -> 690
JPMorgan | Overweight | 600

Broker│Opinion
Daiwa│Growth momentum continued
CLSA│Results significantly beat expectations
UOB Kay Hian│2Q25 results were strong
Citi│Quarterly results significantly beat expectations
Nomura│Online game business performed well
UBS | Quarterly results beat expectations; a re-rating on value is expected
Jefferies | AI potential was unlocked; the stock is confirmed as its sector top pick
Goldman Sachs | AI drove growth across all businesses
Morgan Stanley | Core business was solid, while AI delivered high investment returns
HSBC Global Research | Core business performance became stronger
JPMorgan | Quarterly results were largely in line with expectations; market is expected to maintain earnings estimations

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