Citi's research report forecasts that Tencent will release its Q1 2026 fiscal year results on May 13. It is expected that the gaming and advertising businesses will perform robustly in the first quarter, with total revenue increasing by 9.9% year-on-year to RMB 197.9 billion, and net profit under non-GAAP increasing by 9.7% year-on-year to RMB 67.2 billion. Driven by the Chinese New Year and evergreen games, online gaming revenue increased by 11.7% year-on-year to RMB 66.4 billion, with gaming revenue in the domestic and international markets growing by 10% and 16%, respectively. Citi has raised its total revenue forecasts for Tencent from 2026 to 2028 but lowered its non-GAAP net profit forecasts. The target price has been slightly adjusted from HK$787 to HK$783, and the 'Buy' rating is reiterated, believing that Hunyuan 3.0 and WeChat AI agents will strengthen Tencent's positioning in the AI market.