We apply 4x for FY24E advertising revenues (vs 12.0x for FB, 12.0x for GOOGL, 5.0x for BIDU), 3x for games (vs 3.0x-4.0x for NTES trading), 1.5x for social VAS (vs 1.0x-1.5x for IQ trading),5x for Payments (vs 5.0x-6.5x for SQ trading), 2x for Cloud (vs 4.0x-6.0x range for VMW and CRM trading), 4x for mini-program (based on 4% take rate of estimated GMV), plus net cash and equity investments. Over the long-term, we believe the company is well-positioned in key growth drivers such as gaming, advertising, payments and commerce. However, near-term regulatory and macro environment create uncertainties for gaming and advertising segments that contribute about two-thirds of gross profit.