Prosus & Naspers: Tencent PT uplift drives SOTP upward revision, focus on FY27 investments and the operational performance in Food Delivery.

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Prosus & Naspers: Tencent PT uplift drives SOTP upward revision, focus on FY27 investments and the operational performance in Food Delivery.

ails:

Tencent share price performance as the only catalyst in the short term until margin

Scott Silver - Specialist Sales -

performance in Food Delivery occurs. European TMT

(44-20) 7134-0412

• Tencent (covered by J.P. Morgan analyst Alex Yao) Q226 Preview (here): scott.silver@jpmorgan.com

Tencent will report 2Q26 results on 12th August, which Alex Yao frames as the

“second test” of the two‑P&L framework that separates the earnings power of PRX.AS, PRX NA

Tencent’s established franchises from the losses associated with new AI Overweight

products. Alex reiterates that Tencent remains China Internet’s highest‑quality Price (13 Jul 26): €39.39

compounder with durable engagement, improving games and advertising Price Target (Mar-28): €74.00

monetization, strong margins/balance‑sheet capacity, and AI optionality with

credible monetization paths even as the near‑term earnings path becomes less

PRXJn.J, PRX SJ

smooth. For Q2, Alex expects limited revenue surprise, with the more

important debate shifting to profit divergence as AI‑related opex absorbs a Overweight

rising share of underlying improvement. In his view, gross profit growth Price (13 Jul 26): 73,676c

(+10% YoY) should outpace revenue modestly, while adjusted operating profit Price Target (Mar-28): 138,500c

growth slows to c.+5–6% YoY, consistent with the view that core businesses

are improving but consolidated earnings are increasingly diluted by AI NPNJn.J, NPN SJ

investment. The key sensitivity is disclosure quality: a consistent definition of Overweight

“new AI products” would reinforce the ex‑AI profit line as the main valuation Price (13 Jul 26): 84,750c