IGS on October 16th | bocom intl released a report, expecting a 29% increase in Tencent's domestic game revenue in the third quarter, compared to 32% in the second quarter, still mainly benefiting from the incremental contribution of the new game 'Dungeon & Fighter: Origin'. Overseas game revenue is expected to increase by 27% annually, still driven by Supercell's 'Brawl Stars', with monthly revenue maintained at a high of 6 to 0.8 billion yuan. The bank estimates that Tencent's game revenue in the third quarter will increase by 11% year-on-year, basically in line with previous expectations. Considering continued cost control and operating leverage release, the bank expects Tencent to maintain a profit growth rate faster than revenue growth rate trend, basically maintaining net income expectations for 2024 and 2025, with the target price raised from HK$486 to HK$513, maintaining a 'buy' rating.