BoA Securities: Reiterates Tencent Holdings as top pick in the industry with a target price of 780 Hong Kong dollars.

Bank of America Securities released a research report stating that it is optimistic about the growth prospects of Tencent Holdings' core business, agreeing with management's cautious optimism on financial technology and enterprise services businesses. It reiterates Tencent as the preferred stock in the industry, maintaining a "buy" rating and a target price of 780 Hong Kong dollars. The earnings per share forecast under non-international financial reporting standards for 2025 to 2027 has been adjusted by up to 1%. Tencent's capital expenditure in the last quarter was 13 billion yuan, lower than market expectations, with management attributing it to chip supply constraints, and also revealing that additional computing resources were rented for AI research and development during the period.