Tencent Holdings Ltd

“Tencent remains one of the strongest platform businesses in China, with a durable ecosystem moat around WeChat, resilient gaming cash flows, growing advertising monetization, and substantial free-cash-flow-backed buybacks. The current valuation does not require heroic assumptions to earn a good long-term return. The main reason this is a BUY rather than a STRONG_BUY is that the largest real risk is exogenous: Chinese regulatory and governance constraints can cap shareholder outcomes even when operating performance is strong.”