A hot new online game is refueling investor optimism for Tencent Holdings, driving China’s biggest stock boost of 2024.
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.
Tencent is among the best-performers in the global game sector this year, with its Hong Kong-listed shares outpacing gains in peers from NetEase to Nintendo Co. It’s also regained its position as Asia’s second-largest stock, now behind only Taiwan Semiconductor Manufacturing Co.
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