Actively grasp the value depression opportunity of high-quality Internet target of Hong Kong stock connect
On March 10, the U.S. Securities and Exchange Commission (SEC) announced that five companies, including Baiji Shenzhou, yum China, zaiding pharmaceutical, shengmei semiconductor and Hehuang pharmaceutical, would be included in the provisional list of the foreign company Accountability Act (hfcaa), If a listed company fails to meet the inspection requirements of the public company accounting oversight committee for accounting firms for three consecutive years, its securities are prohibited from trading in the United States. Or because the market is worried about the delisting risk of more Chinese concept companies due to hfcaa, the Chinese concept shares of US stocks have generally been significantly adjusted in the past week, and some of them are listed in Hong Kong at the same time, which also has a joint impact on the Internet sector of Hong Kong stocks (including the subject matter of some Hong Kong stocks through the Internet), and their valuation has dropped significantly. We believe that the performance and valuation of the leading companies in the Internet sector of Hong Kong stocks have been suppressed by antitrust regulation and the implementation of personal information protection law for more than a year, but the current market may have full expectations of the impact of antitrust regulation on their future growth space and business model, and under the supervision, The business goal of the Internet platform may change from the pursuit of scale to the pursuit of efficiency, and the main battlefield of competition may change to the struggle for efficiency. Although the high growth in the future is unpredictable, the investment in marketing and personnel expansion may be more rational, so as to make the profit more stable; In addition, the traffic and talent advantages of the Internet platform are still obvious. Even in the context of antitrust, the moat is still deep, and in the track representing the future direction of the digital economy, such as metauniverse, its layout is wider and deeper, and the probability of success is higher. At present, the valuation of Internet platform companies, the head of Hong Kong stocks, is at its historical low. Compared with similar A-share companies and based on pessimistic performance growth expectations, they also have cost performance; Rather than the head (or non industry first) Internet platform, or due to antitrust, the growth resistance is relatively small, and the ceiling may be opened. In addition, with the increasing allocation of funds to the south, the impact or margin of global macro factors such as overseas liquidity impact on the subject of Hong Kong stock communication decreases. In summary, we suggest that we actively layout the Hong Kong stocks in the value depression area through the Internet, and recommend -W, Kwai Wen group and heartbeat company, including Tencent holdings, cloud music and micro alliance.
Look ahead and pay attention to the “dilemma reversal” opportunities after the epidemic, such as offline entertainment
Or due to the high infectivity of Omicron, the number of confirmed cases of covid-19 and asymptomatic infections in China have increased significantly recently. In March 11th, the State Council decided to study the joint prevention and control mechanism of New Coronavirus pneumonia. Based on nucleic acid detection, the State Council added antigen detection as a supplement, and formulated the “COVID-19 virus antigen detection application plan” (Trial Implementation). The impact of repeated outbreaks on offline entertainment continues. For example, Shenzhen has upgraded its prevention and control measures since March 12, requiring closed places such as cinemas and screenplays to be closed temporarily, or affecting the revenue of film box office and other related industries. On the other hand, the epidemic will always pass. While people understand the epidemic prevention and control measures, they are more looking forward to the recovery of entertainment life after the epidemic, and the epidemic may accelerate the clearing of industry supply, digest inefficient production capacity, improve the concentration and brand trend of offline formats such as cinemas, cinemas, screenplays and parent-child parks. We believe that after more than two years of the epidemic, the market has full and traceable expectations of the impact of the epidemic on the performance of offline entertainment related companies. At present, we should pay more attention to the opportunity of “dilemma reversal” in the fields of film, script killing, e-sports, early education, training, parent-child paradise and so on, At present, the low valuation level is selected for layout, with emphasis on Alpha Group(002292) , chuangmengtiandi, Shanghai Action Education Technology Co.Ltd(605098) , benefiting from Wanda Film Holding Co.Ltd(002739) , Hangzhou Shunwang Technology Co.Ltd(300113) , Hubei Century Network Technology Inc(300494) , Beijing Enlight Media Co.Ltd(300251) , Dalian My Gym Education Technology Co.Ltd(002621) , Zhejiang Jinke Tom Culture Industry Co.Ltd(300459) .
Risk tip: the performance of the general standard of Hong Kong stocks is less than expected, and the progress of the epidemic and the recovery prospect of offline entertainment are uncertain.
