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Morgan Stanley released a report stating that Tencent Holdings' first quarter performance exceeded expectations in all aspects, with revenue increasing 13% year-on-year, beating market expectations by 3%. Tencent's first quarter Non-IFRS net profit increased by 22%, exceeding market expectations by 4%. The company repurchased 17.1 billion Hong Kong dollars in the first quarter, with a target of repurchasing over 80 billion Hong Kong dollars for the year. First quarter capital expenditure was 27.5 billion Chinese yuan, compared to 36.5 billion Chinese yuan in the previous quarter, with full-year capital expenditure guidance expected to be in the low double-digit percentage of total revenue. Morgan Stanley has given Tencent a "Buy" rating with a target price of 630 Hong Kong dollars.