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BOCOMI Hong Hao Sees Sustained Value Valuation Revival in 2H21, Low Downside Risk for Baba

BOCOMI Hong Hao Sees Sustained Value Valuation Revival in 2H21, Low Downside Risk for Baba

BOCOMI洪浩预计2h21持续估值复苏，巴巴下行风险较低
AAStocks ·  2021/06/22 04:53

Compared with U.S. growth stocks, China's growth names still come with rather demanding valuations, opined Hong Hao, Managing Director and Head of Research at BOCOM International. He believed the value segment will continue to see valuation recovery in the second half of 2021.

BABA-SW (09988.HK)'s regulation risk has basically been mitigated at this stage, said Hong. Despite magnified near-term investment, the group's key business inputs will help strengthen its penetration in lower-tier cities. This, coupled with solid business stability, will likely reduce the risk of further price downside for BABA-SW.

交银国际董事总经理兼研究部主管洪浩认为，与美国成长型股票相比，中国成长型股票的估值仍然相当苛刻。他认为，2021年下半年，价值领域的估值将继续回升。洪磊表示，现阶段BABA-SW(09988.HK)的监管风险已基本缓解。尽管近期投资扩大，但集团的主要业务投入将有助于加强其在二三线城市的渗透。再加上稳固的业务稳定性，BABA-SW可能会降低价格进一步下跌的风险。

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