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<Research>CMSI: Leading Internet Platforms Show Resilience Amidst Macro Headwinds; Top Picks Include Tencent, Alibaba, Bilibili
Recommend 35 Positive 59 Negative 29 |
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Despite the recent overall weakened stock market, the share prices of the leading internet platforms in China still showed resilience, CMSI released a research report saying. This is believed to be attributed to the improvement in the competitive environment and earnings outlook. Companies that have fallen sharply after announcing this quarter's results are still worthy of attention, such as PDD Holdings Inc. (PDD.US), Tencent Music Entertainment Group (TME.US) and NetEase, Inc. (NTES.US), which are still attractive in terms of business strength, market position and valuation. The overall market position and profitability of the leading internet platforms in China remain solid, CMSI said. CMSI's top picks are TENCENT (00700.HK), Alibaba Group Holding Limited (BABA.US) and Bilibili Inc. (BILI.US), all of which are rated at Overweight, with target prices of $474/ US$126/ US$21 each. According to CMSI, Chinese leading internet platforms, such as Alibaba, TENCENT and MEITUAN-W (03690.HK), maintained resilience in 2Q24 results, with their share prices showing range-bound. While macro pressures have yet to subside, the continued introduction of supportive policies by the Chinese government (e.g., trade-in for home appliances) and positive progress on the individual stock (e.g., dual major listings of Alibaba and CLOUD MUSIC (09899.HK) in Hong Kong) remained positive catalysts. AAStocks Financial News |
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