Tencent released its 3Q21 results yesterday; its top line was generally below market expectations partly due to a sharp slowdown in its advertising business. Fintech and business services were the top-line growth drivers. We lowered our forecasts to reflect softer performance in the social network, games and online advertising segments. The slowdown in turnover growth may continue to create selling pressure for Tencent, but this was somewhat expected by the market. Reiterate ADD with a new DCF-based target price of HK$520.3 (down from HK$528.1), as we factored in slower revenue growth, especially in 2022. Tencent shares may react positively if the Company resumes share buybacks, which may offer a short-term trading opportunity.