《大行報告》傑富瑞:內地科網股調整後能見度改善 股份回購顯長線信心
傑富瑞發表針對互聯網行業的研究報告指,踏入業績期投資者開始對行業趨勢及企業前景有更清晰看法,近月受多項因素影響行業估值大幅回落,加上上週五針對個人私隱的法例通過,該行估計隨着預期繼續調整,市場將重新聚焦在行業主題上。
該行認爲市場仍在調整針對互聯網行業的預期,但大環境來看,各個細分行業的投資週期及行業趨勢逐步清晰。過去兩月行業估值大幅回落,相信針對主要軟件企業的優惠稅率議題會在業績電話會議中大致解釋清楚,而數據私隱及保障等因素隨着相關法例通過亦已反映在股價上,互聯網企業亦已提出所需措施及改善計劃,尚需釐清的領域則包括直播及內容監管、騎手社保問題、線上購物及社區團購前景、短視頻競爭以及投資者對線上券商的投資氣氛等。
傑富瑞認爲線上遊戲前景已反映在股價上,隨着騰訊(00700.HK)及嗶哩嗶哩(09626.HK)已在上週公佈業績,市場對下半年遊戲前景清晰度增,嗶哩嗶哩缺遊戲供應致下半年及全年遊戲收入預期需調整,不過相關因素被強勁的廣告及增值服務表現抵銷,公司有1,000名研發人員,並將下一個焦點放在自行開發遊戲上。該行估計遊戲公司夏季將受惠季節性因素。而對網易(09999.HK)來說,萬衆期待的哈利波特遊戲將於9月推出。
另一方面,該行指出更多企業採取股份回購,反映對長遠前景有信心,微盟集團(02013.HK)及360金融(QFIN.US)均在業績後宣佈股份回購計劃,其中微盟收入及按非通用會計準則計算的盈利均跑贏該行預期,相信公司2021年擴充人手是爲長遠增長做準備。而360金融方面該行估計市場已反映盈利方面的影響,經轉型後2023年將回復正常。
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