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Tencent's 1Q Games Revenue Likely to Be Weighed by Holiday Timing, High Base -- Market Talk

Dow Jones
Apr 13

0404 GMT - Tencent's 1Q games revenue was likely impacted by the Lunar New Year timing and a normalized base, Daiwa analysts say in a research note. The mismatch caused by the later timing of the holidays shortened the revenue recognition window in 1Q, they note. Still, games pipeline for 2026 remains promising, with new titles expected to contribute from 2Q, including "Roco Kingdom. "Daiwa lowers its estimate for Tencent's game revenue growth in 2026 to 15% from 16%. The company's planned AI investment of at least an additional 18 billion yuan in 2026 is expected to intensify its operational expenditure pressure, they add. While maintaining a buy call, it lowers Tencent's target price to HK$710.00 from HK$725.00. Shares are last at HK$490.20. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

April 13, 2026 00:04 ET (04:04 GMT)

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