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<Research>JPM: Apple (AAPL.US)'s CN App Store Commission Rate Cut Mild Positive for Some Internet Stocks
Recommend 25 Positive 39 Negative 16 |
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JPMorgan published a research report believing that Apple (AAPL.US)'s reduction in the commission rate for mainland China's App Store is a mild positive for some Chinese internet stocks, but it is not a catalyst for a re-rating of the entire industry. The potential direct increase in EPS for the tracked stocks is approx. 1-3% of their adjusted net profit for 2026, according to the broker's initial impact analysis. Its second-order impact analysis indicates that, except for TENCENT (00700.HK), most beneficiaries are likely to pass on at least part of the cost savings to users, creators, content partners, or broader ecosystem participants. JPMorgan's impact analysis is divided into three categories: (1) high-confidence beneficiary, TENCENT, who will clear profit and loss improvement from the reduction in iOS commission; (2) partial pass-through companies including NTES-S (09999.HK), TME-SW (01698.HK) and BILIBILI-W (09626.HK), whose economic benefits will still improve, but competitive dynamics, content intensity, or creator economic models may lead management to reinvest some cost savings; and (3) limited impact on KUAISHOU-W (01024.HK), as its revenue model does not rely on the App Store payment system. AASTOCKS Financial News Website: www.aastocks.com |
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