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J.P. Morgan reiterates its 'Overweight' rating on Tencent Holdings with a target price of HK$690, viewing it as a high-quality compound growth stock in China's internet sector with significant advantages in user engagement, monetization capabilities, financial health, and AI monetization pathways. Due to Tencent's increased AI investments and depreciation expectations, J.P. Morgan has lowered its non-IFRS EPS forecast for FY2026 by 5% to RMB 28.47, while raising its 2026 capital expenditure forecast to RMB 200 billion, emphasizing that the adjustments are not due to deterioration in core business performance. Additionally, J.P. Morgan expects Tencent's revenue to grow approximately 9% year-on-year in Q2 this year, with all segments showing varying degrees of growth, largely in line with market expectations.
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