大行評級|瑞銀:上調部分中國互聯網股目標價 行業首選京東
瑞銀表示,縱使預期中國互聯網股股價短期保持波動,但最終將回到基本面。基於互聯網企業已經過重度投資階段,更多地集中於股東回報,市盈率及每股盈利增長成為投資者共同估值指標。該行指,行業市盈增長率在2021至2024年介乎0.8至1.4倍,雖然近期行業股價升兩成,預期在目前1.1倍市盈增長率中仍有上望空間,因市場在政府刺激政策下上調預測,中國的風險溢價減少,以及行業競爭紓緩帶來更佳盈利能見度。該行料直至企業盈利追上之前,估值將超額上升。該行上調部分中國互聯網股目標價11%至49%,其中,騰訊的目標價從483港元上調至580港元,阿里巴巴的目標價從112美元上調至140美元,京東的目標價從43美元上調至64美元,摯文集團的目標價從7.48美元上調至8.3美元,評級均為“買入”;唯品會的目標價從12.5美元上調至17.5美元,Boss直聘的目標價從16美元上調至18美元,愛奇藝的目標價從2.4美元上調至2.72美元,評級均為“中性”。該行選股依次為京東、快手及阿里,其次為騰訊、美團、攜程及好未來。
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