TENCENT(00700) 快讯·2025-05-16 05:17Core Viewpoint - Nomura reports that Tencent Holdings' Q1 performance remains strong despite macro uncertainties, with online gaming and advertising exceeding expectations, leading to revenue and non-IFRS EPS growth of 13% and 25% year-on-year, respectively, surpassing market expectations by 2.5% and 3% [1] Group 1: Financial Performance - Online gaming revenue grew by 24% year-on-year, exceeding market forecasts by 8 percentage points [1] - Both local and international gaming segments showed robust growth, with flagship games "Honor of Kings" and "PUBG Mobile" achieving record total revenue [1] Group 2: Analyst Ratings and Forecasts - Nomura maintains a "Buy" rating on Tencent, raising the target price from HKD 468 to HKD 670 [1] - Earnings per share forecasts for the next two years have been increased from RMB 26.15 and RMB 28.87 to RMB 27.32 and RMB 30.59, respectively [1]