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<Research>BofAS Reiterates TENCENT as Industry Top Pick w/ TP HKD780
Recommend 34 Positive 59 Negative 22 |
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TENCENT (00700.HK) reported capital expenditure of RMB13 billion for the last quarter, less than market expectations, which the management attributed to disruptions in chip supply, according to a report from BofA Securities. The management also revealed that additional computing resources were leased for AI development during the period. Regarding TENCENT's AI application "Yuanbao" having fewer daily active users compared to ByteDance's "Doubao" and BABA-W (09988.HK)'s "Quark", BofA Securities believes it comes from different promotional strategies among companies rather than differences in model capabilities. BofA Securities is still confident in TENCENT's edge in the AI agency competition in China, considering the support from WeChat's dominant position and comprehensive content and service mobile ecosystem. Reiterating TENCENT as its industry top pick, BofA Securities continued to rate the company as Buy, with a target price of HKD780. AAStocks Financial News |
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