JP Morgan maintained an Overweight rating on Tencent (00700.HK) and a HK$690
target price. The bank says uncertainty around the WeChat AI Agent centers on
whether it can fully integrate into WeChat, secure trading permissions, and
build a supplier network accessible to the agent without relying on existing
e‑commerce inventory. With beta testing begun in June, JP Morgan’s confidence in
its value‑creation framework has risen; the service is now visible enough to
distinguish implemented elements from those still to be developed, shifting the
project from an open‑ended AI option to a phased rollout with observable
milestones. JP Morgan expects the initial share‑price impact will more likely
stem from a lower risk premium and multiple expansion than from near-term EPS
upside down.
