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...

<ul><li>Tencent reported 1Q25 financial results: total revenue was up by 13% YoY to RMB180.0bn, 3% ahead of Bloomberg consensus estimate, thanks to strong growth of games/marketing revenue (+24/20% YoY).</li><li>Non-IFRS net income grew by 22% YoY to RMB61.3bn, 3% ahead of consensus estimate, primarily due to solid top-line performance and better-than-expected GPM expansion (+3.2ppts YoY).</li><li>In view of the sustainable GPM expansion trend on favourable revenue mix shift and improved cost efficiency, we raise FY25-27E non-IFRS earnings forecast by 3-7%, and lift our SOTP-derived target price to HK$660.0 (previous: HK$625.0). </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 reported 1Q25 financial results: total revenue was up by 13% YoY to RMB180.0bn, 3% ahead of Bloomberg consensus estimate, thanks to strong growth of games/marketing revenue (+24/20% YoY).Non-IFRS net income grew by 22% YoY to RMB61.3bn, 3% ahead of consensus estimate, primarily due to solid top-line performance and better-than-expected GPM expansion (+3.2ppts YoY).In view of the sustainable GPM expansion trend on favourable revenue mix shift and improved cost efficiency, we raise FY25-27E non-IFRS earnings forecast by 3-7%, and lift our SOTP-derived target price to HK$660.0 (previous: HK$625.0). 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) - 1Q25 Results Beat; AI Accelerates Business Growth

<ul><li>Tencent announced 4Q24 financial results: total revenue grew by 11% YoY to RMB172.4bn, 3/2% ahead of our/Bloomberg consensus estimates, mainly due to better-than-expected growth of games &amp; marketing revenue.</li><li>During the period, non-IFRS net income was up by 30% YoY to RMB55.3bn, in line with our estimate; but net margin is slightly below our estimate, due to the increased R&amp;D expenses including staff costs and depreciation expenses related to AI investment.</li><li>Tencent plans to further step up AI investment in FY25 (RMB80- 100bn capex with more R&amp;D and marketing support to AI), which may drag the pace of margin expansion but unlock long-term growth opportunities of AI cloud, marketing and games businesses in our view. </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 4Q24 financial results: total revenue grew by 11% YoY to RMB172.4bn, 3/2% ahead of our/Bloomberg consensus estimates, mainly due to better-than-expected growth of games &amp; marketing revenue.During the period, non-IFRS net income was up by 30% YoY to RMB55.3bn, in line with our estimate; but net margin is slightly below our estimate, due to the increased R&amp;D expenses including staff costs and depreciation expenses related to AI investment.Tencent plans to further step up AI investment in FY25 (RMB80- 100bn capex with more R&amp;D and marketing support to AI), which may drag the pace of margin expansion but unlock long-term growth opportunities of AI cloud, marketing and games businesses in our view. 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) - Stepping up AI Investment to Unleash Growth Opportunities

<ul><li>We expect Tencent will continue to deliver solid earnings performance in 4Q24, driven by strong games revenue growth and resilient marketing business.</li><li>We forecast total revenue to grow by 8% YoY to RMB167.6bn (in line with consensus) and non-IFRS net income to grow by 29% YoY to RMB55.2bn (5% ahead of consensus) in 4Q24.</li><li>On 17 January, we hosted an NDR with Tencent’s management in Beijing and our key takeaway is summarized below.</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.

We expect Tencent will continue to deliver solid earnings performance in 4Q24, driven by strong games revenue growth and resilient marketing business.We forecast total revenue to grow by 8% YoY to RMB167.6bn (in line with consensus) and non-IFRS net income to grow by 29% YoY to RMB55.2bn (5% ahead of consensus) in 4Q24.On 17 January, we hosted an NDR with Tencent’s management in Beijing and our key takeaway is summarized below.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) - Solid Core Businesses; Upbeat on Long-Term Development of E-Commerce and AI

<ul><li>Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn; non-IFRS operating profit grew by 19% YoY to RMB61.3bn, in line with our estimate of RMB61.4bn.</li><li>Looking ahead, we remain positive on earnings growth in 4Q24E driven by the acceleration in games revenue growth and resilient marketing business performance.</li><li>For the longer term, we expect improved ad monetization and e-commerce infrastructure development within the Weixin ecosystem to be the key earnings growth drivers. </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 inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn; non-IFRS operating profit grew by 19% YoY to RMB61.3bn, in line with our estimate of RMB61.4bn.Looking ahead, we remain positive on earnings growth in 4Q24E driven by the acceleration in games revenue growth and resilient marketing business performance.For the longer term, we expect improved ad monetization and e-commerce infrastructure development within the Weixin ecosystem to be the key earnings growth drivers. 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) - Higher Consumer Internet Revenue Contribution Boosted Margin

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 (700 HK)

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) - 1Q25 Results Beat; AI Accelerates Business Growth

We are upbeat on Tencent’s AI development, and expect AI will continue to support the growth of its different business lines. Maintain BUY.

CMB International

Tencent (700 HK) - Stepping up AI Investment to Unleash Growth Opportunities

We lift our FY25-26E total revenue forecast by 1%, and raise our SOTP-derived TP to HK$625.0 (previous: HK$525.0) given the rerating of several...

CMB International

Tencent (700 HK) - Solid Core Businesses; Upbeat on Long-Term Development of E-Commerce and AI

We expect Tencent will continue to deliver solid earnings performance in 4Q24, driven by strong games revenue growth and resilient marketing business.

CMB International

Tencent (700 HK) - Higher Consumer Internet Revenue Contribution Boosted Margin

Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn

CMB International

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