《大行報告》星展料科網股監管風險可控 但網遊股首季面臨較高不確定性
星展發表報告表示,該行研究中國政府年度中央經濟工作會議報告後,認為重點應已從監管轉向穩定經濟增長,相信「政策意外」發生機會不大,相信行業的監管風險屬可控,相信監管當局將更頻繁地與網企進行溝通及管理。
該行指,隨著內地宏觀經濟放慢,料影響去年第三季電商及線上廣告業務,但估計2022年可逐步復甦,呈前輕後重。該行估計內地電子商務增長,將由低線城市滲透率和新業務所支撐,估計網企旗下社區團購投資虧損可望收窄。
星展料內地外賣配送和電子商務市場的監管風險已大致反映在股價之上,料內地今年外賣配送需求持續穩固,料電商增長會較線上廣告更具韌性。
該行指在當局恢復審批新網遊許可之前,料內地網遊行業最少在今年首季面臨較高的不確定性。該行在內地互聯網業首選京東(09618.HK)及美團(03690.HK),均予「買入」評級,目標價分別419元及342元。
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