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<Research>HSBC Research: Recent Concerns Over CN MaaS Token Price War May Be Overdone
Recommend 39 Positive 72 Negative 28 |
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China’s internet sector has underperformed since the beginning of the year, in wake of several investor concerns, including rising AI-related spending and earnings risks from disruption wrought by AI agents; ongoing regulatory scrutiny, coupled with geopolitical uncertainties, particularly more companies being added to the US list of Chinese military companies; and weak consumer sentiment, HSBC Global Investment Research said in a report. While some factors may continue to exert pressure in the near term, opportunities remain in stocks with immediate catalysts. In addition, large-cap Chinese internet stocks are trading at a 47% PE discount relative to their US peers, while Chinese AI-related stocks are at a 40% PE discount. The broker believed recent concerns over a potential token price war in MaaS (Model-as-a-Service) may be overdone. The MaaS business is now significantly undervalued in BABA-W (09988.HK)’s share price. Based on an ARR of USD1.5 billion in June and 21x P/ARR, the potential value could reach USD13 per share. Stocks | Investment Ratings | TPs TENCENT (00700.HK) | Buy | HKD720 KUAISHOU-W (01024.HK) | Buy | HKD65 MEITUAN-W (03690.HK) | Buy | HKD104 NetEase, Inc. (NTES.US) | Buy | USD162 JD.com, Inc. (JD.US) | Buy | USD37 Alibaba Group Holding Limited (BABA.US) | Buy | USD180 Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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