It has gotten hard to believe anyone who suggests buying Tencent Holdings,the Chinese online colossus that has mushroomed into the biggest stock in emerging markets. All but one of the 50-plus analysts who cover the company have maintained their Buy ratings, even as the shares have sunk by a quarter since their peak in March. Yet odds are that the drop is just a breather for a stock that has still nearly doubled over the past two years. With peerless market positioning and highly regarded management under founding genius Ma Huateng, Tencent (ticker: 700.Hong Kong) should resume its winning ways, eventually. “This company is capable of growing 30% annually for a long period of time yet,” says Jasmine Huang, portfolio manager of the Greater China fund at Columbia Threadneedle Investments. “The current valuation looks pretty attractive.”

When Tencent shares will rise again is harder to predict. For one thing, valuation isn’t particularly low. “The Chinese internet companies are amazing, but they haven’t backed off so much that they represent a steal,” says Scott Hood, chief executive of First Wilshire Securities, which focuses on earlier-stage small-cap companies around the world. Tencent’s price/earnings ratio of 37 isn’t far off its historical average of 40, he notes.Tencent’s past success also makes it a convenient proxy for general investor sentiment around China, which hasn’t been too hot lately. “This is a large, liquid stock for people looking to sell China on concerns over the trade war,” says Ken Sena, a veteran internet analyst who is now CEO of automated research provider Aiera. Nonetheless, he believes in Tencent, which he calls “one of the best-positioned companies in China or anywhere else.”