0700.HK 12m Price Target: HK$770.00 Price: HK$651.50 Upside: 18.2% With Tencent's 56% share price performance YTD (vs. HSTECH +44%) yet with renewed investor concerns around US tariffs/geopolitical risks, we re-assess risk-reward where we continue to see a positive skew with our refreshed base/bull/bear valuations of HK$770/$846/$541. While the stock has re-rated year-to-date to 19X 2026E non-IFRS P/E (16X ex-portfolio), we note still undemanding valuations at a discount vs. global peers (IFRS P/E 22X vs. M ...