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Shenwan Hongyuan Securities has reaffirmed its "Buy" rating on Tencent Holdings and has increased its target price to HKD673. According to the report, Tencent has demonstrated robust growth across various segments, including online games, advertising, fintech, and enterprise services. Additionally, the company has repurchased shares worth over HKD40 billion as of July 10, 2023. It is anticipated that Tencent's revenue for the second quarter of 2025 will reach RMB178.3 billion, marking an 11% year-on-year increase. Furthermore, adjusted net profit attributable to shareholders is expected to be RMB60.2 billion, signifying a 5% year-on-year growth. Notably, the institution has made a slight downward adjustment to its profit forecasts for Tencent from 2025 to 2027.
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