《Big bank review》UBS expects Tencent (00700.HK) to see second-quarter revenue rise 9% year over year, with adjusted net profit up 4%

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UBS released a research report, predicting Tencent (00700.HK) will see short selling of $2.96B, with a ratio of 15.760%. Second-quarter revenue is expected to grow 9% year over year, and adjusted net profit to rise 4% to RMB 66.0 billion. As for Tencent’s gaming business, the firm expects local game revenue growth to accelerate to 10% (up 6% in the first quarter); international game revenue growth is expected to slow to 8% (up 13% in the first quarter). Advertising revenue is expected to increase 18% year over year, mainly supported by advertising technology upgrades, higher video traffic and ad load, and high eCPM ad formats. Growth in financial technology and enterprise services (FBS) revenue is expected to slow slightly to 8%. In addition, the firm expects the company’s gross profit to increase 11% year over year, with a gross margin of 57.9%.

Related content 《Blue chips》 Tencent (00700.HK) second-quarter Non-IFRS net profit rose 10% to RMB 63.05 billion. Near the predicted upper limit: The firm reiterated its “Buy” rating for Tencent and maintained its target price at HK$780. (sl/u)(Hong Kong stock quotes are delayed by at least fifteen minutes. Short selling data as of 2026-07-10 16:25.)

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