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<Research>CMS Ratings, TPs on CN Internet Stocks (Table)
Recommend
36
Positive
57
Negative
23
China Merchants Securities released a report listing its investment ratings and TPs on China's internet stocks:

Stock│Investment Rating│TP│2025 PE Forecast
Platform
TENCENT (00700.HK)│Overweight│$474│13.1x
Alibaba (BABA.US)│Overweight│US$126│9.6x
MEITUAN-W (03690.HK)│Overweight│$157│14.2x

Related NewsBOCOMI's Forecast on 3Q and Full-Year GMV Growth for CN E-commerce Companies (Table)
E-commerce
PDD (PDD.US)│Overweight│US$163│6.5x
Alibaba (BABA.US)│Overweight│US$126│9.6x
MEITUAN-W (03690.HK)│Overweight│$157│14.2x
JD.com (JD.US)│Overweight│US$42│6.4x
Vipshop (VIPS.US)│Neutral│US$12│3.3x
JOY SPREADER (06988.HK)│Overweight│$2.2│1.9x

Cloud Computing
TENCENT (00700.HK)│Overweight│$474│13.1x
Alibaba (BABA.US)│Overweight│US$126│9.6x
KINGSOFT (03888.HK)│Overweight│$38│17.3x
CHINASOFT INT'L (00354.HK)│Overweight│$7.4│4.1x
KANZHUN (BZ.US)│Overweight│US$24│12.1x
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