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<Research>CICC: TENCENT (00700.HK) Core Biz Like Social Networks & Games Show Strong Resilience; Rating Kept at Outperform
If AI deployment is simplified into AI organizational priority, capital expenditure and product output, TENCENT (00700.HK) appears relatively slower in its AI moves compared with i...
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<Research>CICC: TENCENT (00700.HK) Core Biz Like Social Networks & Games Show Strong Resilience; Rating Kept at Outperform
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If AI deployment is simplified into AI organizational priority, capital expenditure and product output, TENCENT (00700.HK)  -1.800 (-0.363%)    Short selling $1.48B; Ratio 16.230%   appears relatively slower in its AI moves compared with its peers, according to a research report issued by CICC.

The broker believed that this may stem from TENCENT's unique product DNA (social), as well as its relatively bottom-up organizational structure, culture and other factors.

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This round of AI development requires capital expenditure at the scale of hundreds of billions, centralized organizational restructuring, and a high degree of reliance on top-down rapid decision-making.

The strong resilience of TENCENT's main businesses, such as social networks and games, is akin to having sufficient supplies during wartime, providing the greatest confidence for TENCENT to sustain long-cycle investment in AI trends, CICC noted.

Therefore, the broker maintained its 2026/ 2027 earnings forecasts for the Group unchanged, and kept rating/ target price at Outperform/ $666, corresponding to a 2026 non-IFRS PE ratio of 20x.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-24 16:25.)

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