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<Research>Haitong Int'l: Recent Policy Stimulus Translation into Fundamental Improvement Not Yet Clear; Meituan, Tencent, JD, NetEase, PDD, New Oriental Preferred
Recommend 68 Positive 107 Negative 32 |
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China's internet sector rebounded last week, with the HSTECH spiking over 20% between 23 and 27 September, and the KraneShares Trust KraneShares CSI China Internet ETF (KWEB.US) soaring 25% during the same period, Haitong International released a research report saying. Considering that it is not clear when the recent series of policies will translate into a driving force for improvement in fundamentals, Haitong International suggested investors to adopt a bottom-up approach for stock picking, i.e., focusing more on corporate valuations and improvement in fundamentals, and to pay attention to sub sectors such as e-commerce, entertainment, online travel agencies (OTAs) and hotels, education and online advertising. Of which, the broker was more bullish on PDD Holdings Inc. (PDD.US), MEITUAN-W (03690.HK), JD-SW (09618.HK) (JD.US), TENCENT (00700.HK), XD INC (02400.HK), NTES-S (09999.HK) (NTES.US) and NEW ORIENTAL-S (09901.HK) (EDU.US). Haitong International believed that the competition landscape of e-commerce and local life service is becoming more rational, while valuations are attractive now. However, forecasts for both KUAISHOU-W (01024.HK) and BABA-W (09988.HK) (BABA.US) were lowered, signaling possible earnings pressure. AAStocks Financial News |
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