Some have asked what the one stock to buy in the emerging-market universe would be. Morningstar's five-star price for Tencent is an amazing $37.08, roughly equivalent to the market price, which effectively means that their worst-case assumption is that the stock is still fairly valued. While many investors look at revenue growth rates, these tell you nothing about the quality of the business. The revenue growth rate will go parabolic as everyone in the world lines up to feed dollar bills into the machine. But even the most conservative measure of intrinsic value tells you that these concerns are already priced in.

Source: Forbes November 02, 2018 18:56 UTC