财报在即，“便宜”的腾讯距离新高还有多远？

Core Viewpoint - Tencent's market capitalization has increased by over $150 billion this year, but it still has a 26% gap to its historical peak, indicating that the stock is trading at a significant discount compared to global tech peers like Meta and Sony [1][2] Group 1: Financial Performance and Expectations - Analysts expect Tencent's revenue for the second quarter to grow by 11%, marking the third consecutive quarter of double-digit growth [1][3] - The average forecast for Tencent's 12-month forward earnings per share has reached a historical high, reflecting strong market confidence [3] - Tencent's stock is currently trading at a forward P/E ratio of 17.6, below its five-year average of 20, highlighting its valuation attractiveness compared to peers [3] Group 2: Gaming Business Outlook - The upcoming launch of the highly anticipated game "Valorant Mobile" is expected to drive revenue growth for Tencent from the second half of this year through mid-2026 [4] - The gaming sector remains a strong cash-generating industry, especially as other internet platforms in China face profitability pressures [6] Group 3: Investor Sentiment and Market Position - Investor sentiment towards Tencent is improving, with the cost of hedging its stock declining from peaks in April, and analysts generally maintaining a bullish outlook [6] - Tencent's diversified business model is seen as more defensive, allowing it to better navigate adverse factors such as tariffs and macroeconomic uncertainties [3]