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<Hindsight>Brokers' Latest TPs & Views on TENCENT Post-Results
Recommend
39
Positive
64
Negative
46
Following the release of its 4Q25 results, TENCENT (00700.HK) opened 4.1% lower this morning and once sank by 6.4% to HKD515 intraday. It last traded at HKD517.5, down nearly 6%, with a turnover of HKD18.7 billion.

Broker│Investment Rating│Target Price (HKD)
BNP Paribas│Outperform│825
Jefferies│Buy│795
Citi│Buy│783
UBS│Buy│780
Nomura│Buy│775
JPMorgan│Overweight│750
Daiwa│Buy│725
BOCI│Buy│742 -> 720
Goldman Sachs│Buy│752 -> 700
CICC│Outperform│700 -> 666
Morgan Stanley│Overweight│735 -> 650

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Broker│View
BNP Paribas│2026 marks the year of investment
Jefferies│Unlocking AI opportunities, and investing is nothing new to the market
Citi│Quarterly and earnings in line
UBS│Commitment to AI investment prompting valuation recalibration
Nomura│Obvious shift towards AI cloud investment
JPMorgan│Results announcement strengthened the long-term narrative rather than short-term earnings expectations
Daiwa│Solid quarterly results, with AI initiatives accelerating
BOCI│Quarterly results in line, and reinvestment sped up along with sustainable earnings growth in core businesses and expanded AI investment
Goldman Sachs│Entering the AI investment stage in the era of agentic AI
CICC│Strong fundamental resilience, alongside active AI investment
Morgan Stanley│AI investment accelerating
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