《大行報告》瑞信料內地對科網行業監管行動持續 不明朗將令企業估值受壓
瑞信發表報告表示,內地互聯網行業正面臨內地更嚴格的監管審查,相信監管機構之間的協調行動一直會是今年重點,該行指研究了內地反壟斷和數據監管這兩個影響每個互聯網平臺的關鍵領域後,預計內地互聯網的監管壓力仍然存在,認爲政府希望保護數據安全及促進公平競爭。
該行認爲,內地對互聯網行業監管不確定性可能拖累市場其估值水平,運營變化和社會責任等因素將可能影響企業盈利(主要反映在2021年預測,但尚未反映到2022年及以後預測)。該行對內地互聯網企業的喜愛優先順序是騰訊(00700.HK)、美團(03690.HK)、拼多多(PDD.US)、阿裏巴巴(BABA.US)和京東(JD.US)。
瑞信料,騰訊旗下網遊業務風險相對較低,其他業務則要審視數據私隱、金融科技監管等。至於美團方面,該行料在反壟斷調查、勞工權益保障、社區團購定價方面下會面臨監管風險。相對來說,該行估計拼多多(PDD.US)及京東(JD.US)會較爲受惠。
至於阿裏巴巴,該行認爲其面臨的監管不確定性相對較低,因爲與反壟斷調查相關的經濟處罰和整改措施已經公佈,料阿裏未來的挑戰主要是增長及競爭。(wl/k)
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