Goldman Sachs released a research report stating that the target price for maintaining Tencent's (00700.HK) “buy” rating was raised by 14.2% from HK$408 to HK$466. The bank still regards Tencent as one of the most notable and influential companies in China's large Internet stocks because the stock continues to grow by more than 20% per year, and indicates that Tencent's gaming growth is accelerating, advertising market share revenue and profit margins are attractive. Goldman Sachs said that Tencent's revenue for the first fiscal quarter was in line with expectations, and that online advertising was better than expected (26% annual increase), and that the slightly better gaming revenue was flat to help offset the impact of the slowdown in fintech growth. There was a significant increase in net profit. It also indicates that the profitability of Tencent's associated companies/investment companies will further enhance net profit growth and healthy free cash flow (FCF) generation. It is estimated that the bank will not only support its continued dividends, but can also repurchase HK$100 billion of shares every year in 2024.