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<Research>M Stanley Keeps TENCENT as Industry Top Pick on Resilient Core Biz; Mkt Overreacts to Potential Negative Impact from VAT Regulation
Recommend 31 Positive 49 Negative 27 |
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Morgan Stanley has released a report describing market concern over potential negative impacts from VAT regulations as overdone, given that Xinhua News Agency, China's official media arm, has already refuted such speculations. Unlike the telecom industry, Morgan Stanley stressed that there is currently no evidence suggesting any changes to the VAT on internet-related service revenues (such as gaming and advertising). Morgan Stanley has kept TENCENT (00700.HK) as its top pick because of its resilient core business. It also holds a positive outlook on BABA-W (09988.HK). AAStocks Financial News |
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