Maintain a "buy" rating on Tencent with a target price of 599.06 Hong Kong dollars.

East Securities released its latest research report, maintaining a "buy" rating on Tencent Holdings with a target price of 599.06 Hong Kong dollars. The report predicts that Tencent's net profit attributable to owners of the parent company under IFRS standard will reach 218.8 billion, 248.2 billion, and 274.9 billion yuan respectively in 2025-2027; adjusted net profit under non-IFRS is expected to be 265.7 billion, 298.5 billion and 330.6 billion yuan. In the second quarter of 2025, East Securities predicts that Tencent's revenue will reach 181.9 billion yuan. The gaming business continues to perform strongly, with the performance of the evergreen IP "Delta Force" exceeding expectations. The mobile game "Contract Unafraid" is planned to be launched in the fourth quarter of this year, and is expected to start a new growth cycle. This indicates that Tencent continues to strengthen its content and strategic layout in the gaming sector, driving future profit growth.