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招银证券5月18日发布公告。Tencent reported 1Q23 financial results on 17 May. Total revenue was up by 11% YoY to RMB150.0bn in 1Q23, in line with consensus/CMBI estimates of RMB146/148bn. Non-IFRS operating income grew by 32% YoY to RMB48.4bn in 1Q23 and beat consensus estimate by 13%, boosted by the reaccelerating top-line growth, expanding GPM and operating leverage. We lifted FY23-25E non-IFRS net income forecast by 1-3% due to: 1) stronger-than-expected growth of higher-margin game business; and 2) stringent opex control. Our SOTP-derived target price is unchanged at HK$455.0 (decline in investment portfolio value largely offset earnings revision). Maintain BUY.