星展：科网股回调非因基本面转差 续看好电商及线上游戏增长
星展香港及内地电讯及科技行业分析师谭紫宏出席网上发布会时表示，近日科网股回调有不同原因，包括是受市场气氛影响等影响，但认为回调并非因基本面变差，故未有改变其投资建议，相信只是短期因气氛转差而受压，基本面并无负面变化。
针对美国制裁中国科技公司，他指出腾讯(00700.HK)旗下WeChat的美国用户占比很细，收入占比亦轻微，故料影响不大。在游戏方面由於未知制裁内容，故有数个思考方向，假如制裁针对腾讯自营的PUBG游戏，估计对其游戏收入影响仅低单位数，倘制裁扩大至腾讯有份投资的游戏公司如Supercell及Riot Games等，计及相关因素对收入的影响亦仅低单位数，故料影响不大。
他表示新冠肺炎带动内地互联网使用时数有所增长，估计2020年总计会有10%至20%的增长，而调查显示一、二线城市互联网使用时间增长不及三、四线城市，很多公司如阿里(09988.HK)、并多多(PDD.US)及京东(09618.HK)等均会开始聚焦於三、四线城市，认为这些地区具长远增长潜力。
在收入层面，他认为电商及线上游戏收入强劲，当中电商今年上半年收入增长26%，料下半年续增长46%，而线上游戏上半年收入增长已达19%，料下半年将增25%，相信这两个领域未来增长亦会较快，认为可留意相关的股份。谭紫宏表示，电商行业收入很多是源於广告，而平台本身非赚钱主力，以阿里为例，旗下的淘宝亦是以广告收入为主，更值得留意的是直播广告收入增长强劲，今明两年估计将占整体广告收入的15%及18%，料品牌未来亦会加强在直播方面的投入。
在选股方面，他相信线上游戏受惠「居家抗疫」概念，加上现时游戏的生命周期较长，《王者荣耀》及《和平精英》等仍受捧，故可留意腾讯及网易(09999.HK)。而电商行业复苏则主要受惠电子产品及日用品消费，奢侈品消费复苏则料较慢，认为可留意在三线以下的城市有接触面的企业包括京东及阿里。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
