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《大行報告》瑞銀:社區團購效益改善 指阿里風險回報佳 美團屬追求增長另一選擇
瑞銀發表中國互聯網行業報告表示,綜合考慮了監管、用戶增長及較高線上滲透率下,令交易平台面臨較高投資及現金消耗(2020年至2021年)以提升營運及效益,該行透過專家及調研進行了解後,內地社區團購(CGB)需求穩定及每單盈利效益持續改善。 該行去年年底已看到了戰略轉變,並指最近通過收益表現變得更加清晰,特別是阿里巴巴(09988.HK)、美團(03690.HK)、京東(09618.HK)、快手(01024.HK)(甚至騰訊(00700.HK))。該行接到專家調查結果顯示,內地消費者已對於促銷和回扣不那麼敏感,此支持了該行對內地電子商務和按需點選的平台積極看法,令該行相信行業的可持續性。 瑞銀表示在股票偏好方面,雖然京東的業績記錄和平衡性,仍然是一些投資者的核心持股,但該行相信拼多多(PDD.US)和阿里巴巴現在風險回報率亦吸引,因為投資者對相關公司盈利增長和利潤率過於悲觀,並已反映在估值之上。 由於有市場人士擔心相關企業的收入增長,對於尋求更多增長的投資者而言,該行指快手和美團視為另一選擇,雖然料此兩公司的催化劑將是今年較晚的時候出現。
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