财报在即，“便宜”的腾讯距离新高还有多远？

Core Viewpoint - Tencent's market value has increased by over $150 billion this year, but it still has a 26% gap to its historical peak, making its stock appear "cheap" compared to global tech giants [2][4] Group 1: Valuation and Market Sentiment - Tencent's current valuation is attractive, with a forward P/E ratio of 17.6, below its five-year average of 20 [4] - The average market expectation for Tencent's 12-month forward earnings per share has reached a historical high, with analysts predicting an 11% revenue growth for the second quarter, marking the third consecutive quarter of double-digit growth [4][5] - Investor sentiment is improving, as the cost of hedging Tencent's stock has decreased from its peak in April, with 66 buy ratings, the highest in the region [8] Group 2: Gaming Business as Growth Engine - 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 [6] - The game "Delta Force" is also emerging as a potential long-term franchise, highlighting the strong cash generation capabilities of the gaming industry, especially amid profitability pressures on Chinese internet platforms [7]