Tencent Holdings Ltd

00700: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$892.00	Rqb	Mwdfszvcbq

Tencent: Leveraging AI for Internal Growth

Ivan Su

Sep 18, 2024

We recently attended the Tencent Global Digital Ecosystem Summit in Shenzhen. Although the event did not disclose significant financial numbers, it did showcase Tencent's qualitative advancements in cloud and artificial intelligence. Our key takeaway is that Tencent's near-term AI monetization opportunities lie in bolstering the growth and efficiency of its internal operations rather than immediate external sales. While the summit doesn't move our HKD 704 fair value estimate, it does reinforce our view that Tencent will continue to lead in the field of AI in China.

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