CLSA reiterated its "Highly Convicted Outperform" rating for Tencent Holdings, predicting a 10% year-on-year increase in first-quarter revenue to reach RMB175.3 billion. Adjusted EBIT is expected to grow 15% year-on-year to RMB67.3 billion, primarily driven by strong performance in gaming and advertising. Specifically, gaming revenue is forecast to grow by 15.8%, and online advertising revenue by 17.4%. Furthermore, Tencent strengthened GPU procurement in the fourth quarter of last year, and its cloud computing business is expected to accelerate growth in the second half of the year. CLSA considers Tencent to be defensive, maintaining its target price at HKD645 and forecasting a compound annual growth rate of over ten percentage points for revenue and 15%-20% for earnings over the next three years.