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UOB Kay Hian Raises TENCENT TP to HKD680, Reiterates Buy Rating; Hy3 Shows Strong Initial Momentum
2026-07-09 17:26:42
The official launch of TENCENT (00700.HK)'s Hunyuan Hy3 marks noticeable progress in its foundational model capabilities, supported by stronger benchmark performance, upgrades in coding and Agent capabilities, as well as competitive pricing, UOB Kay Hian published a report saying.

Broad deployment across the Tencent ecosystem helps gather real-world usage feedback and accelerate model iteration. Strong initial momentum, including a 20x increase in tokens and a 6x increase in users voluntarily choosing Hy3, indicates rising user acceptance and stronger relevance in enterprise productivity and workflow-oriented AI application scenarios.

The broker maintained a Buy rating on TENCENT and raised the TP from HKD670 to HKD680. Overall, the broker expected 2Q26 results to be broadly in line with expectations, with potential upside from online games likely to be partially offset by slower FBS growth.
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AASTOCKS Financial News
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