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00700
TENCENT
HKD
632.5008.000
(1.28%)
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4.5
10:25 AMaastocksNet Inflow of HKD1.8B to PING AN from Southbound Trading
Southbound Trading Inflows: PING AN (02318.HK) saw significant net inflows of HKD1.8 billion, while BABA-W (09988.HK) and XIAOMI-W (01810.HK) experienced short selling of HKD3.68 billion and HKD1.22 billion, respectively.
Southbound Trading Outflows: TENCENT (00700.HK) had a net outflow of HKD803.9 million, with short selling reaching HKD2.29 billion, indicating a notable trading activity.
Most Active Stocks: In the Shanghai-Hong Kong Stock Connect, BABA-W was the most active stock with a net inflow of HKD2.1 billion, while CHINA MOBILE faced the highest outflow of HKD874.8 million.
Overall Trading Summary: The total Southbound Trading net outflow was HKD0, accounting for 45.71% of the total transaction amount of HKD133.35 billion.
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8.0
09:28 AMaastocksTENCENT Buys Back 1.003 Million Shares for Approximately $636 Million
TENCENT Share Repurchase: TENCENT repurchased 1.003 million shares on the Hong Kong Stock Exchange for approximately $636 million, with share prices ranging from $626.5 to $638.
Total Shares Repurchased: Since the approval of the repurchase mandate on May 14, 2025, TENCENT has bought back a total of 105 million shares, representing 1.14322% of its issued shares.
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2.0
09:00 AMaastocksShort Selling Activity Reaches $42B, Representing 15.9% of Total Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $42 billion, accounting for 15.9% of the eligible securities turnover, a decrease from 21.1% on the previous trading day.
Top Short Selling Shares: The top five shares with the highest short selling amounts include HSCEI ETF, BABA-W, TRACKER FUND, PING AN, and TENCENT, with short selling ratios ranging from 14.976% to 45.547%.
HSCEI ETF Performance: The HSCEI ETF had the highest short selling amount at $4.51 billion, with a short selling ratio of 45.5%.
BABA-W and Others: BABA-W followed with a short selling amount of $3.68 billion (21.7% ratio), while TRACKER FUND, PING AN, and TENCENT had short selling amounts of $2.59 billion, $2.44 billion, and $2.29 billion, respectively.
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4.5
08:27 AMaastocksHSI Rises by 363 Points; Gains in AI, Smart Driving, Financial, and Metal Stocks
US and China Stock Market Performance: The DJIA in the US reached a record high, while the Shanghai Composite Index in China hit a ten-year high, with the Hong Kong bourse also experiencing significant gains.
Tech Stocks Movement: Major tech stocks like TENCENT, JD-SW, and BIDU-SW saw increases of 1.3-1.7%, while BABA-W dipped by 1.3%. Other tech companies related to autonomous driving surged after Nvidia's platform release.
Financial Sector Gains: Overseas bank stocks, including HSBC and Standard Chartered, rose by 3.1% and 1.9%, respectively, while Chinese insurers and brokers also posted substantial gains.
Commodity and Resource Stocks Surge: Gold miners and resource stocks experienced significant increases, with ZHAOJIN MINING and JIANGXI COPPER rising by 7.3% and 5.5%, respectively, amid elevated commodity prices.
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4.5
08:12 AMaastocks<Full-day Summary> HSI Gains 363 Points; HSTI Rises 83 Points; PING AN Surges Over 4%; PING AN, CHINAHONGQIAO, ZIJIN MINING, CHINA LIFE, and HSBC HOLDINGS Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 363 points (1.4%) to close at 26,710, with significant gains also seen in the HSTI and HSCEI, while market turnover reached $291.76 billion.
Active Heavyweights: Notable stock movements included PING AN (+5%), HKEX (+2.9%), and TENCENT (+1.3%), while XIAOMI and BABA saw declines of 1.5% and 1.3%, respectively.
Top Gainers: Among HSI and HSCEI constituents, CHINAHONGQIAO surged by 6.1%, JD HEALTH by 5.4%, and ZIJIN MINING by 4.5%, with several stocks hitting new highs.
Significant Movers: In the HSMI & HSSI, JF SMARTINVEST jumped by 18.8%, CMSC by 12%, and NANSHAN AL INTL by 10.8%, indicating strong performance in smaller stocks.
Money Flow
Over the past 66 trading days, overall net money flow is -387.79M, with retail investors contributing -524.18M and major investors adding 741.87M.
Net Buy $ Volume
Net Sell $ Volume
JPMorgan
JPMorgan
maintain
$750
2025-12-17
Reason
The analyst rating from JPMorgan is based on several key factors:
1. Core Advantage: TENCENT's management highlighted that the company's strength lies in its replicable business model, which allows for localization and global scaling, rather than relying on single blockbuster products.
2. Market Potential: The estimated market size for shooting games is projected to reach US$38 billion by 2025, indicating significant growth potential in the gaming sector.
3. Business Model: TENCENT's 'three-engine' model of publishing, developing, and investing in game studios positions the company well to capitalize on the rapidly growing gaming market.
4. Long-term Growth: JPMorgan views TENCENT as a 'multi-year profit compound growth stock' that is leveraging AI and global expansion to improve business efficiency and quality, rather than focusing solely on cost-cutting or short-term gains.
5. Optimism About Growth Cycle: The overall outlook for TENCENT's growth cycle is positive, leading to the Overweight rating and a target price of $750.
These factors collectively contribute to the optimistic analyst rating for TENCENT.
JPMorgan
Price Target
$750
2025-12-17
maintain
The analyst rating from JPMorgan is based on several key factors:
1. Core Advantage: TENCENT's management highlighted that the company's strength lies in its replicable business model, which allows for localization and global scaling, rather than relying on single blockbuster products.
2. Market Potential: The estimated market size for shooting games is projected to reach US$38 billion by 2025, indicating significant growth potential in the gaming sector.
3. Business Model: TENCENT's 'three-engine' model of publishing, developing, and investing in game studios positions the company well to capitalize on the rapidly growing gaming market.
4. Long-term Growth: JPMorgan views TENCENT as a 'multi-year profit compound growth stock' that is leveraging AI and global expansion to improve business efficiency and quality, rather than focusing solely on cost-cutting or short-term gains.
5. Optimism About Growth Cycle: The overall outlook for TENCENT's growth cycle is positive, leading to the Overweight rating and a target price of $750.
These factors collectively contribute to the optimistic analyst rating for TENCENT.
Daiwa
maintain
$750
2025-12-16
Reason
Daiwa's analyst rating for Tencent is a "Buy" with a target price of HKD750. The reasons for this positive outlook include:
1. Global Best Practices: Daiwa believes Tencent is effectively exporting best practices of "Games-as-a-Service" globally, which enhances the appeal of its games by blending Chinese and international influences.
2. Optimism in International Expansion: The broker is optimistic about Tencent's development and commercialization pace in expanding its gaming business internationally.
3. AI and Cloud Capabilities: Daiwa highlights Tencent's unparalleled AI and cloud capabilities, emphasizing the crucial role of AI throughout the entire game lifecycle.
4. Potential Risks: While the outlook is positive, Daiwa notes that a major potential downside risk is a miss in game sales.
Overall, these factors contribute to Daiwa's confidence in Tencent's future performance in the gaming sector.
Daiwa
Price Target
$750
2025-12-16
maintain
Daiwa's analyst rating for Tencent is a "Buy" with a target price of HKD750. The reasons for this positive outlook include:
1. Global Best Practices: Daiwa believes Tencent is effectively exporting best practices of "Games-as-a-Service" globally, which enhances the appeal of its games by blending Chinese and international influences.
2. Optimism in International Expansion: The broker is optimistic about Tencent's development and commercialization pace in expanding its gaming business internationally.
3. AI and Cloud Capabilities: Daiwa highlights Tencent's unparalleled AI and cloud capabilities, emphasizing the crucial role of AI throughout the entire game lifecycle.
4. Potential Risks: While the outlook is positive, Daiwa notes that a major potential downside risk is a miss in game sales.
Overall, these factors contribute to Daiwa's confidence in Tencent's future performance in the gaming sector.
Goldman Sachs
Goldman Sachs
Buy
maintain
$770
2025-12-16
Reason
The analyst rating from Goldman Sachs is a "Buy" due to several key factors:
1. Expansion of Tencent Cloud: The company is strengthening its presence in key international markets, including ASEAN, Northeast Asia, Europe, the Middle East, and the Americas, which is expected to enhance its brand recognition.
2. Secured Large Project Orders: Tencent Cloud has secured multiple large project orders, indicating strong demand and potential for growth.
3. AI Applications: Tencent is positioned as a beneficiary of AI applications within China's leading Internet sector, which Goldman Sachs believes will drive long-term growth across its core businesses.
4. Unique Ecosystem and Assets: The combination of Tencent's WeChat ecosystem, global gaming assets, and diversified monetization capabilities is expected to support compound profit growth.
These factors contribute to Goldman Sachs' confidence in Tencent's future performance, leading to the maintained Buy rating and a target price of HKD770.
Goldman Sachs
Buy
Price Target
$770
2025-12-16
maintain
The analyst rating from Goldman Sachs is a "Buy" due to several key factors:
1. Expansion of Tencent Cloud: The company is strengthening its presence in key international markets, including ASEAN, Northeast Asia, Europe, the Middle East, and the Americas, which is expected to enhance its brand recognition.
2. Secured Large Project Orders: Tencent Cloud has secured multiple large project orders, indicating strong demand and potential for growth.
3. AI Applications: Tencent is positioned as a beneficiary of AI applications within China's leading Internet sector, which Goldman Sachs believes will drive long-term growth across its core businesses.
4. Unique Ecosystem and Assets: The combination of Tencent's WeChat ecosystem, global gaming assets, and diversified monetization capabilities is expected to support compound profit growth.
These factors contribute to Goldman Sachs' confidence in Tencent's future performance, leading to the maintained Buy rating and a target price of HKD770.
Daiwa
maintain
$750
2025-12-12
Reason
The analyst rating from Daiwa for TENCENT is a "Buy" due to several key reasons:
1. Prioritization of GPU Resources: TENCENT is focusing on utilizing GPU resources for internal model training and enhancing its core businesses, which is expected to yield more certain returns.
2. AI Adoption: The integration of AI is anticipated to amplify the value of WeChat's core interface, improving functionalities such as chat, search, video accounts, content summarization, interaction, and mini-programming.
3. Gaming Business Development: The adoption of AI is expected to boost TENCENT's gaming business by reducing costs and refining game content innovation. The company plans to update existing games and launch new evergreen games, which contributes to confidence in its growth prospects.
4. Top Pick in the Sector: Daiwa emphasizes that TENCENT is its top pick in the Chinese internet sector, reinforcing their positive outlook on the company's future performance.
Overall, these factors lead Daiwa to maintain a positive rating with a target price of HKD750.
Daiwa
Price Target
$750
2025-12-12
maintain
The analyst rating from Daiwa for TENCENT is a "Buy" due to several key reasons:
1. Prioritization of GPU Resources: TENCENT is focusing on utilizing GPU resources for internal model training and enhancing its core businesses, which is expected to yield more certain returns.
2. AI Adoption: The integration of AI is anticipated to amplify the value of WeChat's core interface, improving functionalities such as chat, search, video accounts, content summarization, interaction, and mini-programming.
3. Gaming Business Development: The adoption of AI is expected to boost TENCENT's gaming business by reducing costs and refining game content innovation. The company plans to update existing games and launch new evergreen games, which contributes to confidence in its growth prospects.
4. Top Pick in the Sector: Daiwa emphasizes that TENCENT is its top pick in the Chinese internet sector, reinforcing their positive outlook on the company's future performance.
Overall, these factors lead Daiwa to maintain a positive rating with a target price of HKD750.
Daiwa
Daiwa
maintain
$117
2025-12-02
Reason
The article provides analyst ratings for various stocks, including Alibaba Group Holding (BABA.US), which has a "Buy" rating with a target price of US$225. The reasons for the ratings are not explicitly detailed in the provided text. However, the context suggests that the analysts are optimistic about the future performance of these companies, as indicated by the "Buy" ratings for several stocks, including Baidu, NetEase, JD.com, and others.
For Meituan-W (03690.HK), which has a "Neutral" rating, the article mentions that Daiwa expects the Keeta loss to widen next year, which may have influenced the more cautious stance.
Overall, the ratings seem to reflect analysts' expectations of growth or recovery in the respective companies, while the neutral or lower ratings may indicate concerns about specific challenges or losses.
Daiwa
Price Target
$117
2025-12-02
maintain
The article provides analyst ratings for various stocks, including Alibaba Group Holding (BABA.US), which has a "Buy" rating with a target price of US$225. The reasons for the ratings are not explicitly detailed in the provided text. However, the context suggests that the analysts are optimistic about the future performance of these companies, as indicated by the "Buy" ratings for several stocks, including Baidu, NetEase, JD.com, and others.
For Meituan-W (03690.HK), which has a "Neutral" rating, the article mentions that Daiwa expects the Keeta loss to widen next year, which may have influenced the more cautious stance.
Overall, the ratings seem to reflect analysts' expectations of growth or recovery in the respective companies, while the neutral or lower ratings may indicate concerns about specific challenges or losses.
Morgan Stanley
Morgan Stanley
Overweight
maintain
2025-12-02
Reason
The analyst rating from Morgan Stanley regarding ByteDance's Doubao AI smartphone assistant is influenced by the belief that while the feature envisions a rich ecosystem, its execution faces significant challenges. The report highlights that major smartphone OEMs and super apps are more inclined to develop their own AI assistants rather than collaborate with ByteDance, which poses substantial obstacles for OEM cooperation. The need for deep technical cooperation and commercial negotiations, along with the potential redefinition of smartphone value propositions, further complicates the implementation of the Doubao assistant. Consequently, Morgan Stanley maintains an Overweight rating on app-related stocks like TENCENT, BABA-W, and MEITU, viewing them as top picks for AI investment despite the challenges faced by ByteDance.
Morgan Stanley
Overweight
Price Target
2025-12-02
maintain
The analyst rating from Morgan Stanley regarding ByteDance's Doubao AI smartphone assistant is influenced by the belief that while the feature envisions a rich ecosystem, its execution faces significant challenges. The report highlights that major smartphone OEMs and super apps are more inclined to develop their own AI assistants rather than collaborate with ByteDance, which poses substantial obstacles for OEM cooperation. The need for deep technical cooperation and commercial negotiations, along with the potential redefinition of smartphone value propositions, further complicates the implementation of the Doubao assistant. Consequently, Morgan Stanley maintains an Overweight rating on app-related stocks like TENCENT, BABA-W, and MEITU, viewing them as top picks for AI investment despite the challenges faced by ByteDance.
M Stanley
maintain
2025-11-27
Reason
The analyst rating from JPMorgan's 2026 outlook report for Hong Kong stocks is based on the expectation that certain Chinese companies will benefit from the AI supercycle. The report highlights top picks among Cloud Service Providers (CSPs) and Artificial Intelligence Data Centers (AIDCs), indicating a positive outlook for these sectors. Specifically, companies like Alibaba (BABA-W) and Tencent are noted for their potential in cloud intelligence, while other firms in the AIDC space are also recognized for their growth prospects. The overall sentiment reflects confidence in the growth of these sectors driven by advancements in artificial intelligence.
M Stanley
Price Target
2025-11-27
maintain
The analyst rating from JPMorgan's 2026 outlook report for Hong Kong stocks is based on the expectation that certain Chinese companies will benefit from the AI supercycle. The report highlights top picks among Cloud Service Providers (CSPs) and Artificial Intelligence Data Centers (AIDCs), indicating a positive outlook for these sectors. Specifically, companies like Alibaba (BABA-W) and Tencent are noted for their potential in cloud intelligence, while other firms in the AIDC space are also recognized for their growth prospects. The overall sentiment reflects confidence in the growth of these sectors driven by advancements in artificial intelligence.
BofA Securities
BofA Securities
Buy
maintain
$780
2025-11-19
Reason
The analyst rating for TENCENT (00700.HK) from BofA Securities is based on several key factors:
1. Capital Expenditure: TENCENT reported a capital expenditure of RMB13 billion for the last quarter, which was below market expectations. This shortfall was attributed to disruptions in chip supply, indicating potential challenges in operational capacity.
2. AI Development: The management disclosed that additional computing resources were leased for AI development, suggesting a commitment to enhancing their capabilities in this area.
3. Competitive Position: Despite TENCENT's AI application "Yuanbao" having fewer daily active users compared to competitors like ByteDance's "Doubao" and Alibaba's "Quark", BofA Securities believes this is due to different promotional strategies rather than differences in the underlying technology.
4. Market Confidence: BofA Securities maintains confidence in TENCENT's competitive edge in the AI sector in China, bolstered by the strong position of WeChat and its extensive mobile ecosystem of content and services.
5. Rating and Target Price: BofA Securities has reiterated TENCENT as its industry top pick, maintaining a "Buy" rating with a target price of HKD780.
Overall, the combination of strategic investments in AI, a strong market position, and confidence in future growth prospects underpins the positive analyst rating.
BofA Securities
Buy
Price Target
$780
2025-11-19
maintain
The analyst rating for TENCENT (00700.HK) from BofA Securities is based on several key factors:
1. Capital Expenditure: TENCENT reported a capital expenditure of RMB13 billion for the last quarter, which was below market expectations. This shortfall was attributed to disruptions in chip supply, indicating potential challenges in operational capacity.
2. AI Development: The management disclosed that additional computing resources were leased for AI development, suggesting a commitment to enhancing their capabilities in this area.
3. Competitive Position: Despite TENCENT's AI application "Yuanbao" having fewer daily active users compared to competitors like ByteDance's "Doubao" and Alibaba's "Quark", BofA Securities believes this is due to different promotional strategies rather than differences in the underlying technology.
4. Market Confidence: BofA Securities maintains confidence in TENCENT's competitive edge in the AI sector in China, bolstered by the strong position of WeChat and its extensive mobile ecosystem of content and services.
5. Rating and Target Price: BofA Securities has reiterated TENCENT as its industry top pick, maintaining a "Buy" rating with a target price of HKD780.
Overall, the combination of strategic investments in AI, a strong market position, and confidence in future growth prospects underpins the positive analyst rating.
Nomura
Nomura
maintain
$215
2025-11-17
Reason
Nomura maintained a Buy rating on Alibaba due to several key factors. Firstly, the firm noted that Alibaba is in a more advantageous position compared to Tencent regarding capital expenditure on AI cloud, as it has established a robust AI chip supply chain. This foresight is expected to lead to a significant increase in Alibaba's AI capex, projected to spike 83% year-over-year to RMB32 billion, which would account for 13% of the quarter's revenue. Additionally, Nomura's analysis suggests that if the US government fails to provide strong evidence for its allegations against Alibaba, any actions taken could have serious implications for the company and broader US-China relations. The broker's target price for Alibaba's US stock remains at US$215, reflecting a favorable valuation outlook.
Nomura
Price Target
$215
2025-11-17
maintain
Nomura maintained a Buy rating on Alibaba due to several key factors. Firstly, the firm noted that Alibaba is in a more advantageous position compared to Tencent regarding capital expenditure on AI cloud, as it has established a robust AI chip supply chain. This foresight is expected to lead to a significant increase in Alibaba's AI capex, projected to spike 83% year-over-year to RMB32 billion, which would account for 13% of the quarter's revenue. Additionally, Nomura's analysis suggests that if the US government fails to provide strong evidence for its allegations against Alibaba, any actions taken could have serious implications for the company and broader US-China relations. The broker's target price for Alibaba's US stock remains at US$215, reflecting a favorable valuation outlook.
BOCOMI
upgrade
$700 -> $729
2025-11-17
Reason
The analyst rating for TENCENT (00700.HK) was maintained at "Buy" by BOCOMI due to several positive factors highlighted in their research report. The company's 3Q25 results exceeded expectations, with a 15% year-over-year revenue growth that was 4% above BOCOMI's forecast. Key revenue segments, including games, social services, marketing services, and fintech, showed significant growth, contributing to a 22% increase in gross profit. Additionally, TENCENT's gross profit margin improved to 56.4%, supported by better performance in domestic games and cost optimization in cloud services. The adjusted EPS also surpassed estimates, increasing by 19%. BOCOMI anticipates stable revenue and profit growth moving forward, prompting them to raise the target price from $700 to $729.
BOCOMI
Price Target
$700 -> $729
2025-11-17
upgrade
The analyst rating for TENCENT (00700.HK) was maintained at "Buy" by BOCOMI due to several positive factors highlighted in their research report. The company's 3Q25 results exceeded expectations, with a 15% year-over-year revenue growth that was 4% above BOCOMI's forecast. Key revenue segments, including games, social services, marketing services, and fintech, showed significant growth, contributing to a 22% increase in gross profit. Additionally, TENCENT's gross profit margin improved to 56.4%, supported by better performance in domestic games and cost optimization in cloud services. The adjusted EPS also surpassed estimates, increasing by 19%. BOCOMI anticipates stable revenue and profit growth moving forward, prompting them to raise the target price from $700 to $729.
Valuation Metrics
Forward PE
5Y Average PE
20.56
Current PE
18.50
Overvalued PE
29.02
Undervalued PE
12.10
Forward EV/EBITDA
5Y Average EV/EBITDA
15.30
Current EV/EBITDA
14.05
Overvalued EV/EBITDA
19.66
Undervalued EV/EBITDA
10.93
Forward PS
5Y Average PS
5.41
Current PS
6.26
Overvalued PS
6.81
Undervalued PS
4.02
Financials
Annual
Quarterly
N/A
Total Revenue
N/A
Operating Profit
N/A
EPS - Diluted
N/A
Free Cash Flow
N/A
Gross Profit Margin - %
N/A
Net Margin - %
Trading Trends
Daily
Monthly
Buyback
Short Selling
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