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JPMorgan Reiterates 'Overweight' on Tencent, Raises 2026 Capex Forecast to 200 Billion Yuan

GateNews
Stocks
TENCENT-0.30%

According to JPMorgan Chase, the firm reiterated its 'overweight' rating on Tencent Holdings (00700.HK) today with a target price of HK$690. The bank cut its 2026 non-IFRS earnings per share forecast by 5% to 28.47 yuan and raised the 2026 capital expenditure forecast to 200 billion yuan, reflecting heavier AI investment and depreciation from the second half of this year.

JPMorgan projects second-quarter revenue growth of around 9% year-on-year, with value-added services growing 5-6%, games 9-10%, marketing services 18-19%, and fintech roughly 5%, in line with market expectations.

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