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<Research>Nomura: TENCENT Solid Core Biz Support AI Investment; Rating Buy
Recommend 22 Positive 24 Negative 16 |
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Nomura published a report covering TENCENT (00700.HK), of which core businesses, including advertising and gaming, remained solid and continued to generate strong cash flow, laying a solid foundation for amplified investment in AI R&D by the company. In 1Q26, TENCENT's non-IFRS operating profit grew 9% YoY to RMB75.6 billion. Excluding investment in new AI products, operating profit growth would have reached 17%, with operating margin expanding by 3 ppts to 43%. TENCENT made initial progress in AI, as its foundational model team was fully restructured over the past six months and launched the Hunyuan (Hy) 3 model, which demonstrated strong capabilities in mathematics, coding and logic. The model has now been deployed across 131 internal products. Nomura maintained its Buy rating on TENCENT with a TP of HKD727. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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