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Hey, honestly, it's pretty frustrating how Hang Seng Tech is dropping.
Recently, I've seen many companies, like US-listed SaaS firms, with a lot of people saying they've been wrongly beaten down and are too cheap.
Looking at the P/E ratios, most are above 20, and some even have 50x P/E ratios.
Then I look at Tencent. It grows 20% annually, with a P/E of 15x.
If I follow the logic of buying because it's cheap and wrongly beaten down, why not buy Tencent?
I know Chinese concept internet stocks are generally avoided, and large-cap Hong Kong stocks are also avoided.
But it's just too cheap...