麥格理:對科技板塊保持審慎 看好阿里(9988.HK)等
麥格理髮表報吿指,近日內地當局對科技企業出台不少指導及監管規範,市場關注VIE架構、網絡安全、用户數據私隱、反壟斷等潛在政策風險,提醒投資者不應只關注事件對估值的影響,更應評估相關因素如何影響盈利表現,及未來業績表現能否達到市場預期水平,從而捕捉良好的投資機會。
但麥格理亦認為,目前該行業整體盈利尚缺乏明顯的上行空間,盈利預測仍然過高,除騰訊(0700.HK)及阿里巴巴(9988.HK)外,市場對科技股2022年盈利預測高出了27%,騰訊及阿里的盈測則高出11%,又指騰訊及阿里的估值目前正處於歷史水平下限,較為吸引。
麥格理對科技板塊保持審慎看法,看好阿里、同程藝龍(0780.HK)及用友軟件(600588.SH);該行維持對美團(3690.HK)和拼多多(PDD.US)的“中性”評級。
該行表示,下調阿里健康(0241.HK)今明兩年盈利預測約92%及95%,下調目標價由26.8港元降至15.4港元,評級為“跑贏大市”;該行降平安好醫生(1833.HK)今明兩年盈利預測調低均47%,目標價降至109港元,評級為“跑贏大市”;麥格理調低京東健康(6618.HK)目標價降至82.1港元,下調今年盈測72%,降明年盈測100%,評級為“跑贏大市”。
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