Tencent Holdings (0700.HK): Quick Thoughts On Latest Ramp Momentum of WorkBuddy

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Tencent Holdings (0700.HK): Quick Thoughts On Latest Ramp Momentum of WorkBuddy

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06 Jul 2026 02:19:38 ET │ 11 pages

Tencent Holdings (0700.HK)

Quick Thoughts On Latest Ramp Momentum of WorkBuddy

CITI’S TAKE

As noted by several news reports dated July 6th citing latest data by

Buy Analysys, Tencent’s WorkBuddy cross-platform MAU has reached 20mn

Price (03 Jul 26 16:10) HK$431.20 with DAU surpassing 13mn, implying DAU/MAU ratio of 65-75%, which

we view as a high DAU/MAU ratio, especially considering the product was Target price HK$763.00

launched only a few months ago, indicating strong user stickiness and Expected share price 76.9% strong daily engagement. Indeed, during the 1Q26 earnings call, return

management commented WorkBuddy has an 80% retention rate and has Expected dividend yield 1.2%

attracted a high paying willingness from its power users. While Expected total return 78.1%

WorkBuddy is one of many important AI agent products, its success Market Cap HK$3,920,572M

highlights the strength of Tencent’s ecosystem, the synergy between its

US$499,875M various productivity environments and more importantly, the user trust in

Tencent’s products and security, in our view. We maintain our Buy rating

on Tencent and our Target Price of HK$763.

Alicia Yap, CFAAC

What’s new? On July 6, several news reports including ChooseAI and Gelonghui +852-2501-2773

reported that per latest data tracked by Analysys, Tencent WorkBuddy’s cross- alicia.yap@citi.com

platform MAU have reached 20mn, while DAU exceeded 13mn, suggesting the

DAU/MAU ratio is between 65% and 75%. The report also highlighted that based on

earlier report published by Analysys in May, Tencent’s WorkBuddy’s PC monthly visits

reached 8.85mn (up 72.2% month-over-month), as of May, 2.6x higher than the 2nd-