In October 2023, I participated in the S&P Valuation Competition along with a few friends, and we achieved first place 🥇(they are: Wang Jiawei, Xu Biyuan, Pei Xinhao). This was almost my first time independently conducting fundamental analysis, valuation, and completing the final deliverable within a limited time. I summarized the keys to our victory as rapid learning in a short period of time and close teamwork 🫂. Similarly, for me, this competition was a great harvest. We worked together diligently, analyzing one of China's best companies (Tencent) in English, including its fundamentals, financial condition, SWOT analysis of its various businesses, as well as valuation and risk analysis. By the way, I later learned that we even defeated teams from EMF 🤣, making this an incredible and hard-earned victory.

• Detailed analysis of the Internet industry, including its size, growth trends, and competitive landscape, as well as key factors that are driving the growth of the Internet industry and the challenges that companies in this industry face were all addressed.

• The assumptions that were made in the DCF valuation and the risks associated with the valuation were addressed well. The essay also compares Tencent to its peers in the internet industry and provides a valuation range based on these comparisons.

• The report provides the clearest and most concise explanation of the valuation methods that were used and the assumptions that were made.

• In addition, the report is well-written and easy to understand. It is organized in a logical manner and the information is presented in a clear manner. The addition of effective graphs and tables to illustrate the key points, including a well-defined representation of the Tencent ecosystem makes it easy for the reader to understand the information presented.