With shares of Tencent (0700.HK) up roughly 61% over the past 12 months and trading near HK$598.5, investors are asking what can drive the next leg higher. As of September 2025, Tencent combines mid‑teens top‑line momentum (ttm revenue 704.16B; quarterly revenue growth 14.5% y/y) with strong margins (operating 32.58%, net 29.54%) and ample cash generation (OCF 283.33B; LFCF 120.25B). Near‑term catalysts include improving gaming trends, a recovering ads business, and steady fintech engagement, while medium‑term upside hinges on AI infrastructure and overseas expansion. Key watch‑items are China’s regulatory cadence, GPU supply constraints—where Tencent signals flexibility—and the pace of shareholder returns via dividends and buybacks. This three‑year outlook weighs these drivers against risks, anchoring on recent results and the stock’s 52‑week range of 364.8–621.0.

Li Auto (LI) enters September 2025 with strong liquidity and moderate profitability amid a cooler China EV backdrop. The stock closed at 23.35 on August 29, 2025, sitting below its 50‑day and 200‑day moving averages (26.52 and 25.61) and trading within a 52‑week range of 18.11–33.12. Over the past year, LI is up 22.89%, modestly ahead of the S&P 500’s 16.84%. On fundamentals, trailing‑twelve‑month revenue is 143.32B with gross profit of 29.58B, EBITDA of 11.52B and net income of 8.08B, implying a 5.64% profit margin and 2.73% operating margin. Quarterly revenue growth is -4.50% year over year, while quarterly earnings growth is -0.90%. The balance sheet features 106.92B in cash against 16.92B of total debt, a 1.74 current ratio, and levered free cash flow of 1.42B. We outline a three‑year outlook to September 2028.

Unilever (ULVR.L) enters the next three years with a defensive profile but elevated execution demands. The shares have lagged over 12 months, while valuation signals the market is already pricing an earnings recovery: trailing P/E is 24.02 versus a forward P/E of 17.21 and a 3.28% forward dividend yield. Revenue over the last twelve months is 59.77B with profit margin of 9.29% and operating margin of 18.85%, yet quarterly revenue and earnings contracted year over year. Balance-sheet leverage is high (total debt 32.02B; debt/equity 160.68%) and liquidity tight (current ratio 0.76), making cash generation crucial. With a 0.20 beta and sizeable free cash flow (5.47B), the stock should remain relatively stable, but sustained volume improvement, disciplined pricing, and brand investment will dictate whether a rerating toward peers is achievable.

Visa Inc. enters September 2025 with fundamentals that remain among the strongest in large-cap payments. Over the last 12 months, the stock outperformed the S&P 500, supported by double-digit revenue growth and industry-leading margins. Trailing-12-month revenue stands at $38.89B and net income at $20.06B, with operating cash flow of $23.48B. The shares closed at about $351.78 in late August, near a 50-day moving average of $347.93 and above the 200-day at $339.22, with beta of 0.94 suggesting below-market volatility. With a 0.67% forward dividend yield and a 22.36% payout ratio, Visa retains flexibility to invest while returning cash to shareholders. This three-year outlook assesses potential drivers, risks, and scenarios that could shape returns through 2028.