In Gongsheng Hui on October 14th, Huaxing Capital stated in a report that it maintains unchanged its forecast for Tencent's online game revenue for the third quarter and full year of this year, with an annual increase of 13% and 9% respectively. Domestic market revenue growth accelerated to an annual increase of 12% (compared to a 2% decrease in the first quarter of this year, and a 9% increase in the second quarter), mainly due to the stable performance of popular games and the strong player spending on the 'Dungeon & Warriors' mobile game. The new game, 'Delta Force,' can serve as a robust addition to the existing shooting game portfolio. The bank estimates that Tencent's domestic game revenue will maintain double-digit growth in the next four quarters. As for the international market, Tencent's classic work 'Star Brawl' has shown steady performance, coupled with the resurgence of the 'PlayerUnknown's Battlegrounds' mobile game, and it is expected that related games will drive Tencent's international game revenue, accelerating from a 3% and 9% increase in the first and second quarters to a 13% and 23% increase in the third and fourth quarters. In addition, the bank maintains its forecast of a 15% annual growth in Tencent's online advertising revenue for the third quarter, with a consistent 18% increase for the full year. It also keeps unchanged its forecast for a 3% annual growth in Tencent's financial technology and enterprise services (FBS) revenue for the third quarter. The bank also maintains its unchanged forecast for Tencent's adjusted operating profit margin for the third quarter and full year at 36.9% and 36.1% respectively, with annual increases of approximately 350 and 460 basis points. The forecast for adjusted net profit margin is 35.9% and 34% respectively, with increases of approximately 680 and 810 basis points. The bank reiterates its 'buy' rating with the target price raised from HK$485 to HK$520, believing that the group's game growth visibility is improving and the advertising and FBS business environment is stable.