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.
A hot new online game is refuelling investor optimism for Tencent Holdings Ltd., driving China’s biggest stock boost of 2024.
Its shares have rallied 28% so far this year with help from the strong debut of Dungeon & Fighter Mobile, adding US$91 billion ($123.71 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.
