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<Research>Nomura Lists Alibaba, Tencent, JD Health, J&T Express as Top Picks in CN Internet Sector
Recommend 37 Positive 62 Negative 19 |
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Nomura recently conducted a week-long survey of the Chinese internet industry across multiple cities in Mainland China. The survey involved meetings with management teams and industry experts from 21 companies, covering most sub-sectors of China's internet industry. From this, Nomura identified Alibaba (BABA.US), TENCENT (00700.HK), JD HEALTH (06618.HK), and J&T EXPRESS-W (01519.HK) as the top picks in the internet sector. Alibaba's management revealed, cited by Nomura, that consumer sentiment was weak in the third fiscal quarter ending December last year, leading to intensified competition in the e-commerce industry. Nomura is keeping a close tab on the potential negative impact of tighter VAT policies, while remaining optimistic about the development of their AI cloud business. Nomura estimated that Alibaba's CMR growth may have drastically slowed to just 1% last quarter, while Alibaba Cloud's revenue was expected to have grown by 38% YoY. It also believed that losses in the quick commerce may have notably narrowed last quarter. Moreover, Nomura expected the upcoming IPO of Kunlunxin to be a key catalyst for BIDU-SW (09888.HK), giving Baidu (BIDU.US) a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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