We apply 4x for FY26E 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), 2x for social VAS (vs 1.0x-1.5x for IQ trading), 5x for Payments (vs 5.0x-6.5x for SQ trading), 3x 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.