Tencent Rides Hit Game for China's Biggest Gain in Market Value [Yahoo! Finance Canada]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Yahoo! Finance Canada
(Bloomberg) -- A hot new online game is refueling investor optimism for Tencent Holdings Ltd., driving China's biggest stock boost of 2024. Most Read from Bloomberg Its shares have rallied 28% so far this year with help from the strong debut of Dungeon & Fighter Mobile, adding $91 billion in market value, more than any other Chinese company. Improved regulatory and business climates in the company's key markets are also helping drive expectations. ADVERTISEMENT Analyst price targets have risen to the highest level in two years, while earnings estimates have jumped more than 14% since the start of the year to a record high. Options traders are turning more bullish as well, with the put-to-call ratio falling from a recent high after the launch of DnF Mobile in late May. “Capital inflows will go to Tencent first,” said Vey-Sern Ling, managing director at Union Bancaire Privee. The stock is rising on a “more positive outlook as its game segment has returned to growth and its ad
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