JPMorgan Chase maintains its Overweight rating on Tencent with a target price of HKD 690. The bank believes that after WeChat AI Agent enters beta testing, it transitions from an AI optionality without a clear timeline to a phased project with observable milestones. Its initial impact on the stock price is more likely to stem from a reduction in risk premium and an increase in valuation multiples, rather than short-term earnings-per-share growth.
