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<Research>CICC: CN Online Platform Stocks Become More Attractive; Core Recommendation TENCENT w/ Focus on KUAISHOU/ NTES/ Others
Recommend 32 Positive 41 Negative 19 |
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Recently, the overall market sentiment turned negative, leading to a correction in the sector, CICC published a research report saying. Currently, the sector's overall valuation is between the mean and the 25th percentile. From a fundamental perspective, the sector's overall performance was solid, with healthy growth in major areas such as advertising and game. Key companies like TENCENT (00700.HK) continued to show improved profit margins and operating leverage. Overall, fundamentals were sound, and AI potential remains, but valuations are decreasing, making the sector more attractive. In summary, CICC's core recommendation is TENCENT, with suggestions to pay attention to KUAISHOU-W (01024.HK), NTES-S (09999.HK), NEWBORNTOWN (09911.HK) and BILIBILI-W (09626.HK). Most Chinese online platform companies entered the 'reasonable' range of 2026 projected PE ratios of 15-20x, meaning that, if any company's results beat expectations in the future, it may enjoy both results and valuation growth, CICC added. BILIBILI-W has long been at an extremely high valuation within the sector, while BOSS ZHIPIN-W (02076.HK), TME-SW (01698.HK) and NETEASE MUSIC (09899.HK) have been at medium to high valuation levels. AASTOCKS Financial News Website: www.aastocks.com |
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