《大行》高盛上調對騰訊目標價至 770 元 指估值對比全球同業仍有折讓

Goldman Sachs released a report stating that Tencent (00700.HK) has seen its stock price rise by 56% this year, compared to the Hang Seng Tech Index's 44%. Despite renewed concerns among investors regarding U.S. tariffs and geopolitical risks, they maintain a positive outlook on Tencent. Although the stock has been revalued to a projected non-International Financial Reporting Standards price-to-earnings ratio of 19 times for 2026, its valuation remains relatively discounted compared to global peers, and it possesses relatively low monetizable assets, with multiple AI-driven monetization levers and a stable shareholder return policy.

The firm expects the market to focus on AI applications and capital expenditure outlook, as well as upgrades in foundational and multimodal AI model capabilities in Tencent's third-quarter results. Goldman Sachs forecasts Tencent's third-quarter revenue and earnings per share to increase by 13% and 18% year-on-year, driven by high-margin revenue sources and operational leverage. Goldman Sachs has raised its capital expenditure forecast for Tencent from this year to 2027 to RMB 350 billion and has also increased its cloud revenue growth forecast.

Goldman Sachs believes that Tencent's AI empowers all its business lines, benefiting from its unique WeChat ecosystem and global gaming assets. The firm maintains a "Buy" rating on Tencent, raising the target price for the base scenario from RMB 701 to RMB 770, based on a comprehensive valuation approach. The target price for Tencent's "bull market" scenario is RMB 846, while the target price for its "bear market" scenario is RMB 541