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Tencent achieved its competitive advantage by creating a powerful ecosystem that spans across various industries such as gaming, social media, e-commerce, entertainment, and more. This ecosystem helped the company dominate the market.
I estimate BYD’s value at RMB277 per share, implying an upside of 30% from today’s price. This is derived from my DCF-based valuation using a WACC of 9.7% and a terminal growth rate of 3%.
