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《大行報告》大和:中國科網巨擘蓄勢反彈 重申正面看法首選騰訊(00700.HK)、美團-W(03690.HK)等
大和發表研究報告指,在監管影響下,中國互聯網行業過去兩年中出現創紀錄下滑,今年的下跌則主要是受到國內和全球充滿挑戰的宏觀環境推動,營收增長放緩導致投資情緒疲弱,預期若見到進入盈利修復週期的跡象,行業表現將反彈。 大和指出,過去一至兩個月向下的盈利修正週期已經趨向穩定,中國互聯網公司亦愈來愈願意提升股東回報,重申對行業的正面看法,首選依次爲騰訊(00700.HK)、美團-W(03690.HK)、攜程(TCOM.US)、、阿裏(BABA.US)及拼多多(PDD.US),評級均爲「買入」。 該行認爲,騰訊的估值因其近期遊戲和廣告業務弱勢而出現過度調整,認爲重磅遊戲產品提早推出,以及微信視頻號收入好過預期將成爲股價催化劑,給予目標價430元。 大和憧憬本地及出境旅行限制放寬,攜程將從中受惠,美股目標價35美元;另看好美團提高送餐效率的策略,預期新業務虧損有收窄的空間,目標價300元。至於阿裏,大和預期將受惠於中國下半年經濟宏觀復甦,美股目標價155美元。
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