《大行報告》匯豐研究料中資互聯網股抽升後將呈波動 喜愛阿里及騰訊
匯豐環球研究發表研究報告指出,投資者關注中資互聯網股抽升後會否已經見頂,指中資互聯網股於多重消息推動下抽升,料市盈率及盈利增長或各再升25%,惟基本面尚未改善並較預期落後下,或導致相關股份股價波動。
儘管如此,該行認為其予「買入」評級的中資互聯網股將繼續上升,因為相關股份的市盈率平均比五年均值低25%,以及根據盈利上行周期的歷史推算,行業盈利增長可能上升最多25%,然而過去幾年的監管及競爭,可能限制市盈率及盈利修正的上行空間。
該行認為,中資互聯網股中可關注盈利增長、現金流強勁和股東回報的企業,該行偏好阿里巴巴-SW(09988.HK)及騰訊(00700.HK),均予以「買入」評級(見另表),認為兩者盈利或將上升。當中,認為阿里估值吸引、監管放寬及服裝/化妝品方面的需求復甦,且可進行更多回購。騰訊方面,看好其遊戲業務前景改善及視頻賬戶上升空間等。
相比之下,該行予「持有」投資評級的愛奇藝(IQ.US)、騰訊音樂(TME.US)及虎牙直播(HUYA.US),,予斗魚(DOYU.US)「減持」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.