CICC: Maintains Tencent Holdings (00700) "Outperform" rating with a target price of 666 Hong Kong dollars.

According to the WiseFinance APP, Zhongjin released a research report stating that it maintains the profit forecast for Tencent Holdings (00700) for 2026 and 2027 unchanged. The rating of "outperforming the industry" and the target price of HK$666 are maintained, corresponding to a 20x 2026 Non-IFRS P/E, with a 62% upside potential from the current stock price. The current trading is at 12x/10x 2026e/2027e Non-IFRS P/E. Tencent is currently at a valuation bottom since 2021, and with the landing of WeChat Agent and other AI layouts, it is expected to gradually show "harvesting" potential, leading to valuation repair.