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《大行》滙豐研究:中國互聯網股喜好美團、京東及網易 快手潛在受惠競爭趨穩

HSBC Research on "Big Banks": China internet stocks favor Meituan, JD.com, and NetEase. Kuaishou may potentially benefit as competition stabilizes.

AASTOCKS ·  Jan 15 14:13

HSBC Global Research points out that the fundamental factors of Chinese internet stocks still overshadow the impact of the macro outlook, hence preferring stocks with better revenue prospects, potential catalysts, and low valuations.

The bank indicates a preference for Meituan (03690.HK), based on its low online penetration rate and stable competition laying the foundation for revenue growth. Even with market expectations of increased overseas investment by the company, the bank still forecasts a 27% profit growth this year, with a forecasted PE of 16 times being attractive, giving it a 'Buy' rating and a target price of HKD 220. The bank gives JD.com (JD.US) a forecasted PE of only 8 times and benefits from the expansion and prolongation of the trade-in plan, indicating potential for profit growth, with a 'Buy' rating and a target price of USD 53.

HSBC Global Research expects that NetEase (NTES.US) will benefit from the launch of 'Marvel Clash', which may lead to online game revenues exceeding expectations, the upside potential of 'Yanyun Sixteen Sounds', and factors reversing profit growth, which may result in a reassessment of its value, giving it a 'Buy' rating and a target price of USD 115.

The bank notes that Kuaishou (01024.HK) has the second-fastest profit growth among large technology stocks, but the forecasted PE is expected to drop to a low of 8 times, affected by intensified competition from Weidian and Douyin, casting a shadow over revenue prospects. If there is a glimmer of hope for a TikTok ban in the USA, the market may reduce concerns over competition in China's Short Video market, which would be favorable for Kuaishou's stock price, giving it a 'Buy' rating and a target price of HKD 68.

The translation is provided by third-party software.


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