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<Research>BOCI Expects JD-SW to Be Key Beneficiary of Home Appliance 'Trade-In' Policy; Top Pick TENCENT for Internet Sector
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China's National Bureau of Statistics announced the total retail sales for August on September 14, according to a report from BOCI. The total retail sales in August grew 2.1% YoY, basically in line with expectations. Online retail sales accounted for 25.6% of the total retail sales in 8M24, stable compared to July but down 0.9 ppts YoY. As TENCENT (00700.HK) is expected to benefit from providing cloud services to merchants and brands while increasing advertising revenue from e-commerce, BOCI considered it the top pick for China's internet sector. The broker also anticipated JD-SW (09618.HK) to be the major beneficiary of the home appliance trade-in policy. Both companies are trading at -1 SD Deviation on the historical trading range. AAStocks Financial News |
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