On September 3, Citigroup released a report stating that the profit growth rate of mainland internet stocks in the second quarter of this year was higher than the revenue growth rate. It believes that the revenue in this quarter may be lower than expected, due to macro challenges and enterprise initiatives to reduce subsidies and focus on quality returns. This in turn supports more companies in achieving stronger profit growth. Several companies accelerated their share repurchases in the second quarter, which helped to reassure investors about management's commitments and support confidence in future growth prospects. The bank pointed out that Tencent is still its top pick among Chinese internet stocks in the second half of this year, and is also bullish on Meituan and Ctrip's related service businesses. The bank is also optimistic about the growth potential of Manbang and considers Tencent Music to be an attractive defensive investment given its recent stock price adjustment.
大行评级｜花旗：中资互联网股首选腾讯 亦看好美团及携程等
Major bank rating | Citi: Chinese internet stocks bullish on Tencent, also optimistic about Meituan and Ctrip.
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