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《大行報告》花旗:科網股下半年前景視乎復甦 喜愛美團-W(03690.HK)、同程旅行(00780.HK)、攜程(TCOM.US)及京東物流(02618.HK)
花旗發表報告,指在低預期下,內地科網股2022年第一季的業績在很大程度上好於預期,雖然4月是最差的時間,並在5月和6月逐漸連續改善,但下半年復甦步伐的能見度仍低。 花旗看好美團-W(03690.HK)、同程旅行(00780.HK)受惠於經濟活動重啟,預計攜程(TCOM.US)將受益於旅行的逐步復甦,並認為京東(JD.US)、阿里(BABA.US)和拼多多(PDD.US)將受益於消費刺激,遊戲行業仍具防守性,而在線廣告復甦則較落後。該行在年底前看好騰訊(00700.HK)和百度(BIDU.US),而阿里是受惠中國宏觀復甦。該行看好京東物流(02618.HK)受惠於消費活動復甦。 花旗對於下半年經濟活動重啟子行業偏好依次為本地服務、電子商務、在線遊戲,最後為在線廣告。來自監管機構的積極信號支撐了市場情緒,儘管收入仍然充滿挑戰,但由於持續的成本優化努力,盈利質素一直在提高。 該行稱,除了下半年的復甦趨勢,在行業增長放緩和宏觀逆風的情況下,更看好現金流強勁、ESG良好、新業務和用戶具增長催化劑、毛利率提高、利用傳統行業數字化的公司。
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