《大行报告》汇丰研究料中资互联网股可潜在获重估 吁买入腾讯(00700.HK)及美团(03690.HK)等
汇丰研究发表的报告指,认为中国互联网行业首季收入增长放慢的因素已大致反映,估计除旅游相关企业以外,其他公司应自次季开始复苏,而互联网企业大部分均持有大量现金,即使是有净债务的公司亦有业务支持可获再融资,惟携程及爱奇艺则最脆弱。该行重申予阿里巴巴(美股)、腾讯控股(00700.HK)及美团点评(03690.HK)「买入」评级,认为他们在波动中较具防守性。该行予腾讯目标价458元,予美团目标价110元。
该行估计首季中资互联网股收入增长将减慢至12%,但次季及下半年则会分别反弹至分别15%及25%,认为虽然他们受疫情爆发所影响,特别是线下活动如旅游、广告及当地服务等均受挫,但看到内地自3月以来业务已逐步复苏,认为电商行业及社交广告行业有重估潜力,而地区旅游及本地服务亦料可逐步有改善,但料美团及同程艺龙(00780.HK)将较携程免疫,因为携程有三分之一的收入是来自国际业务。该行亦估计传统广告公司仍受压,例如是百度及微博。
该行指出大部分互联网企业均有庞大现金可应对暂时的危机,而对一些有净债务的公司如腾讯、携程及爱奇艺等,他们的经营现金流相信可助公司获再融资,并相信腾讯可履行债务,但携程及爱奇艺可能很快有再融资需求。
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