Goldman Sachs released a research report sayingdrakecasinonodepositbonus, maintain Tencent's (00700)"Buy" rating, increase its target price by 14% from HK$408drakecasinonodepositbonus.2% to HK$466. The bank still regards Tencent as one of the most eye-catching and influential companies among China's large Internet stocks because the stock can continue to generate annual profit growth of more than 20%, and points to Tencent's accelerated growth in games and advertising market share. Earnings and margins are attractive.

Goldman Sachs said Tencent's first-quarter revenue was in line with expectations, with better online advertising than expected (26% year-on-year increase) and slightly flat game revenue helping to offset the slowdown in fintech growth. Net profit increased significantly. In addition, the profitability of Tencent's associates/investment companies will further enhance net profit growth and free cash flow (FCF) will generate health. For the bank, it is estimated that it will not only support its continued dividends, but also be able to repurchase shares by HK$100 billion annually in 2024.