External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Tencent announced 2Q25 financial results: total revenue/non-IFRS operating income grew by 15%/18% YoY to RMB184.5/69.2bn, 3%/4% ahead of Bloomberg consensus estimate, driven by solid growth across business lines.</li><li>Higher-margin games and marketing businesses continued to maintain strong momentum (+22% and 20% YoY respectively), driving quality growth and further GPM expansion (+3.6ppts YoY).</li><li>We lift our FY25-27E non-IFRS earnings forecast by 1-4% to factor in the stronger-than-expected games &amp; marketing revenue growth and continuous execution of quality growth strategy. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent announced 2Q25 financial results: total revenue/non-IFRS operating income grew by 15%/18% YoY to RMB184.5/69.2bn, 3%/4% ahead of Bloomberg consensus estimate, driven by solid growth across business lines.Higher-margin games and marketing businesses continued to maintain strong momentum (+22% and 20% YoY respectively), driving quality growth and further GPM expansion (+3.6ppts YoY).We lift our FY25-27E non-IFRS earnings forecast by 1-4% to factor in the stronger-than-expected games &amp; marketing revenue growth and continuous execution of quality growth strategy. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent (700 HK) - 2Q25 Results: Strong Games and Marketing Businesses...

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.</li>
<li>The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.</li>
<li>The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.</li>
</ul>


In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.


Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Context: <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.</li>
<li>
Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.</li>
<li>
Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.</li>
</ul>



Context: Tencent (700 HK)is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.

Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.

Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.


Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>The U.S. Department of Defense has designated <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> as a Chinese Military Company. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd-69366efb-cf6b-404d-a0e4-c6b9b2e128dc" target="_blank" data-smartkarma-citation="entities:17:1" rel="noopener">Tencent Holdings (ADR) (TCEHY US)</a> shares were down nearly 8% overnight.</li>
<li>There is no change to the Non-SDN Chinese Military-Industrial Complex Companies List (NS-CMIC) yet. But the overlap between the DoD list and the NS-CMIC list is high.</li>
<li>If added to the NS-CMIC list, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> will be deleted from global indexes and there will be HUGE passive selling from these trackers.</li>
</ul>


The U.S. Department of Defense has designated Tencent (700 HK) as a Chinese Military Company. Tencent Holdings (ADR) (TCEHY US) shares were down nearly 8% overnight.
There is no change to the Non-SDN Chinese Military-Industrial Complex Companies List (NS-CMIC) yet. But the overlap between the DoD list and the NS-CMIC list is high.
If added to the NS-CMIC list, Tencent (700 HK) will be deleted from global indexes and there will be HUGE passive selling from these trackers.


Tencent (700 HK): DoD Says Chinese Military Company; Not on NS-CMIC List Yet

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Tencent approaches earnings with low volatility and steady outperformance versus HSI.</li>
<li>Volatilities are historically low with an earnings release on tap.  </li>
<li>Options market expects a modest move despite recent Tencent momentum.</li>
</ul>


Tencent approaches earnings with low volatility and steady outperformance versus HSI.
Volatilities are historically low with an earnings release on tap.  
Options market expects a modest move despite recent Tencent momentum.


Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Tencent (700 HK) - 2Q25 Results: Strong Games and Marketing Businesses...

Tencent announced 2Q25 financial results: total revenue/non-IFRS operating income grew by 15%/18% YoY to RMB184.5/69.2bn, 3%/4% ahead of Bloomberg...

CMB International

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

The difference suggests an upside of 22.5% and a target price of HK$718 for year end 2025. The operating margin improved to 34.5% in 2Q25 compared...

Ming Lu

Tencent (700 HK) Earnings on 13 Aug: Patterns, Pricing, and Possibilities

Tencent (700 HK) reports tomorrow, Wednesday, 13 August 2025, 8:00pm HK. The stock traded sideways over the past four days. Historic move on...

Gaudenz Schneider

Tencent (700 HK): DoD Says Chinese Military Company; Not on NS-CMIC List Yet

The U.S. DoD has designated Tencent as a Chinese Military Company. The stock is not on the NS-CMIC list yet and could be added later. Addition to...

Brian Freitas

Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility

Tencent heads into Q2 earnings with strong gains and low volatility. We examine the implied move, past Q2 results, implied volatility and post...

John Ley

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