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大行评级丨星展:料中资互联网股首季不大可能跑赢大市 行业首选美团及携程

Major Bank Rating丨DBS: It is unlikely that Chinese Internet Plus-Related stocks will outperform the market in the first quarter, with Meituan and Ctrip as industry favorites.

Gelonghui Finance ·  Jan 14 05:28  · Ratings

On January 14, Glorious reported on China's Internet Plus-Related Industry, stating that due to weak market sentiment, it is unlikely that Chinese Internet stocks will outperform the market in the first quarter of this year. However, the solid fundamentals of some companies still provide selective opportunities. The bank indicated that Meituan and Trip.com are its industry favorites for the first quarter of this year. It assigned a "Buy" rating to Meituan, lowering the Target Price from 236 Hong Kong dollars to 223 Hong Kong dollars, and also gave Trip.com a "Buy" rating with a Target Price of 784 Hong Kong dollars. DBS believes that the recent decline in Meituan's stock price, influenced by concerns about overseas expansion-related losses, presents a good entry point. Within three months of expanding new businesses, Meituan captured 20% market share in Riyadh, Saudi Arabia, with unit economic benefits (UE) performing better than expected. Once the company announces its 2025 guidance, concerns regarding losses in the new business segment may be alleviated. Meanwhile, Trip.com remains a clear beneficiary of shifts in travel spending and strong international demand, with this year's potential dividends acting as a catalyst.

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