《大行報告》匯豐研究:內地互聯網股呈超賣 阿里巴巴及網易風險回報較佳
匯豐環球研究發表報告指,部分基金只能擁有美國上市的ADRs,根據去年底的備案記錄,在該行覆蓋研究的雙重上市及市值超過50億美元的五間中國互聯網公司中,17%的雙重上市ADRs股份由機構投資者持有,形式僅限於美國ADRs。由於年初至今的股價變動(平均下跌42%),該行預期現時的比率會更低。然而,此並沒有計及美國散戶投資者的潛在拋售,有關投資者平均佔公司總股本的22%至44%。
匯豐認為,中國互聯網股已呈超賣,但股價仍未反映熊市情境。由於監管和地緣政治風險的不明朗性,中國互聯網股的評級或會進一步被多次下調。在此情況下,有盈利的公司應更具防禦性,該行相信阿里巴巴(09988.HK)(BABA.US)及網易(09999.HK)(NTES.US)可提供較佳的風險回報。
公司│評級│目標價
騰訊(00700.HK)│買入│580港元
阿里(BABA.US)│買入│168美元
網易(NTES.US)│買入│126美元
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