Lyon: Reaffirm Tencent's "highly confident of outperforming the market" rating, expecting stable performance in the fourth quarter of last year.

Lyon issued a research report, expecting Tencent's performance in the fourth quarter of last year to be stable, with quarterly total revenue increasing by 13.5% year-on-year to 195.7 billion yuan, and adjusted EBIT expected to increase by 20.6% to 71.8 billion yuan. The bank believes that the online gaming business may bring surprises to the company, and expects the gaming business to maintain double-digit growth in 2026, with advertising business growing by about 20%, reaffirming the company's "highly confident outperforming the market" rating.