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M Stanley Names TENCENT as Top Pick w/ Rating Reiterated Overweight; 3Q Results Beat
2025-11-14 16:29:00
TENCENT (00700.HK)'s forecast-beating results for 3Q25 reflect robust growth across the company's major business segments, particularly in AI-assisted advertising and gaming, according to Morgan Stanley's research report.

In addition, TENCENT's management attributed the reduction in capital expenditure to GPU supply chain constraints, but it estimated that Hunyuan's capability improvement would speed up the adoption of Yuanbao and the development of the AI platform with Agentic AI capabilities within WeChat.

Naming TENCENT as its top pick, Morgan Stanley reiterated an Overweight rating on the company, with a target price of HKD735.
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