Macquarie published a report stating that the Tencent Holdings (00700.HK) user ecosystem is attractive and cohesive. Coupled with stable market positioning and a favorable revenue mix, it provides visibility for sustainable growth. The bank expects video account monetization to drive continued growth in the advertising business even with competitive and cyclical factors. Maintaining an outperforming market rating, the target price is HK$455. According to the report, Tencent's cost structure supports profit visibility better. Although the recovery of the fintech and corporate services business may be lagging behind, I believe Tencent will maintain a good momentum of development thanks to its steady game product line, overseas expansion, and ad wallet share. The bank expects Tencent's total revenue to grow 12% year on year next year and adjusted profit to increase 22% year on year.