Goldman Sachs: Maintaining Tencent Holdings (00700)'s “Buy” Rating, Optimistic About the WeChat Ecosystem and Global Gaming Assets

The Zhitong Finance App learned that Goldman Sachs recently released a research report saying that it recently had business exchanges with Tencent Holdings (00700) management, believing that Tencent Cloud is strengthening its expansion into key markets such as ASEAN, Northeast Asia, Europe, the Middle East and the Americas, and has obtained multiple large-scale project orders. Together with its localized infrastructure, it is expected to help increase brand awareness in the international market and maintain a “buy” rating. The target price is HK$770 unchanged.

The bank also pointed out that Tencent, as a beneficiary of AI applications in China's leading Internet sector, believes that AI has enabled the long-term growth of all of its core businesses. It believes that with its unique WeChat ecosystem and global gaming assets, Tencent can achieve compound profit growth with diversified monetization capabilities.