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Tencent Holdings’s 1Q gaming revenue was likely weighed down by Lunar New Year timing and a higher comparison base, according to Daiwa Securities. The later holiday timing shortened the revenue recognition window in 1Q, though the 2026 pipeline remains solid, with new titles such as Roco Kingdom expected to contribute from 2Q. Daiwa trims its 2026 game revenue growth forecast to 15% from 16% and notes that at least an additional RMB18 billion AI investment in 2026 could add to operating expense pressure. It keeps a “buy” rating but lowers its target price to HK$710 from HK$725.