文件名称：J.P. 摩根：中国互联网2018年Q1盈利之思考
文件大小：836KB
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更新时间：2021-10-30 05:40:22
互联网
We are increasingly cautious on the sector stock performance outlook for 2018. As the vast majority of the large cap Internet names either step up investment or move into a transition stage in 2018, sector earnings visibility reduces and potential consensus earnings downgrade risk rises. In addition, market sentiment on the space could deteriorate further due to concerns on external factors such as: 1) regulation tightening, 2) rising competition for listed companies from private names (e.g. Toutiao, Meituan, etc.), and 3) macro/ systematic risks arising from the Sino-US trade tensions. While the long-term growth potential of larger caps remains robust, or even greater in some cases, 2018 stock performance could be under pressure. From a sector allocation perspective, we recently downgraded China IT/e-commerce from OW to Neutral (China Equity Strategy: The battle with volatility, Emerging Markets Strategy: Downgrade EM Information Tech to Neutral via lowering exposure to EM Internet). For 2018, we suggest investors are selective and focus on names with company-specific drivers, reasonable valuation and no aggressive investment plans