CICC: Maintain a "outperform" rating on Tencent Holdings with a target price of HKD 468

On January 9th, Jin10 Data reported that CICC released a research report stating that it maintains Tencent Holdings' (00700.HK) 'outperform' rating with a target price of HKD 468. Recently, Tencent held an investor conference where management focused on Tencent Pictures, China Literature's operational strategy, and shared the company's latest strategies. The bank pointed out that Tencent's stock price experienced a significant drop on January 7th, and the company repurchased HKD 1.5 billion, significantly exceeding its daily repurchase amount of HKD 700 million. The bank maintains its revenue and profit forecasts for Tencent in 2024/2025 and introduces revenue and profit forecasts for 2026. The bank expects Tencent's revenue in 2026 to be CNY 744.7 billion and estimates Non-IFRS net profit of CNY 280.4 billion in 2026.