(Bloomberg) - Tom qab xyoo ntawm kev loj hlob ntawm kev loj hlob uas ua rau Suav tuam txhab lag luam thev naus laus zis nkag mus rau hauv cov lag luam lag luam loj, ntau tus kws tshaj lij tau los rau cov ntsiab lus nrog qhov tseeb tshiab ntawm kev lag luam cuam tshuam los ntawm kev nthuav dav qeeb thiab cov nyiaj tau los qis dua.
Feem ntau Nyeem los ntawm Bloomberg
Morgan Stanley tau txo qis lub hom phiaj tus nqi rau cov tuam txhab thev naus laus zis suav nrog Alibaba Group Holdings Ltd. thiab Tencent Holdings Ltd., thaum Tuam Tshoj International Capital Corp. tau hais rau lub lim tiam no nws xav tias xoom tus nqi rau qee qhov kev nqis peev thev naus laus zis hauv xyoo 2022. JPMorgan Chase & Co. txo nws cov nqi phiaj. thoob plaws Tuam Tshoj tech lub hli tas los, ib txhia los ntawm ntau tshaj ib nrab, tom qab hloov lawv cov qauv ntsuas.
Kev hloov pauv hauv cov qauv thiab kev xav yog qhov kev xav ntawm ib puag ncig nyuaj uas ntsib kev lag luam, raws li kev tswj hwm kev pheej hmoo thiab Covid-19 cuam tshuam ua rau nws nyuaj los txiav txim siab tus nqi ncaj ncees. Nws yog ib qho tshiab uas cov tuam txhab lawv tus kheej tau puag. Tom qab tshaj tawm qhov qeeb qeeb ntawm kev loj hlob ntawm peb lub hlis twg ntawm cov ntaub ntawv, Tencent tau lees paub "kev lag luam tshiab" qhov twg qhov kev loj hlob tsis zoo yuav ua tsis tau ntxiv lawm.
Nyeem: Tencent tshaj tawm 'Reckless' Tech Era Tshaj li Kev Loj Hlob Tank
"Peb tab tom hnov ib lub ntsiab lus los ntawm cov neeg tseem ceeb hauv Suav teb hauv internet ntawm kev hloov mus rau lub tswv yim zoo dua thaum nws los txog rau kev nqis peev hauv kev loj hlob tshiab thiab rub rov qab los tsom mus ze rau cov lag luam tseem ceeb," Ramiz Chelat, tus thawj coj ntawm cov ntaub ntawv ntawm. Vontobel Asset Management. "Peb muaj kev tsim kho ntau dua rau cov tuam txhab uas twb tau nthuav tawm kev qhuab qhia peev," dua li cov uas tau npaj siab, Chelat ntxiv.
Lub Hang Seng Tech Index, uas taug qab qee lub tuam txhab thev naus laus zis loj tshaj plaws hauv Suav teb, tau sau qhov poob thib tsib hauv peb lub hlis twg, poob yuav luag 20% hauv peb lub hlis txog Lub Peb Hlis. Lawv cov phooj ywg ua lag luam ntawm Asmeskas kev sib pauv poob los ntawm qhov zoo sib xws.
Cov kev poob tau tuaj txawm tias thaum nruab nrab Lub Peb Hlis cog lus los ntawm tsoomfwv Suav kom ruaj khov kev lag luam thiab xaus rau ntau tshaj li ib xyoos rau kev ua lag luam ntiag tug. Kev nce qib tsawg hauv kev sib tham ntawm Beijing thiab Washington txog kev tshawb xyuas Tuam Tshoj cov tuam txhab kuj tseem muaj kev txhawj xeeb, ua rau muaj kev pheej hmoo ntawm kev tshem tawm ntawm Asmeskas kev sib pauv.
Hnub Friday, Bloomberg tau tshaj tawm tias nyob rau hauv dab tsi yuav yog qhov kev pom zoo tsis tshua muaj, Suav cov tub ceev xwm tau npaj muab Asmeskas cov neeg tswj hwm nkag mus rau kev tshuaj xyuas cov ntaub ntawv ntawm feem ntau ntawm 200-ntxiv tuam txhab uas muag teev nyob rau hauv New York sai li sai tau thaum nruab nrab xyoo no.
Kom paub meej, feem ntau ntawm cov kws tshuaj ntsuam tseem tuav nruj heev 12-lub hlis lub hom phiaj raws li kev cia siab rau lub sij hawm ntev thiab raws li tus nqi tseem nyob deb ntawm lub Ob Hlis 2021 ncov. Tsuas yog ob ntawm 63 tus kws tshuaj ntsuam tau taug qab los ntawm Bloomberg ntsuas tus me nyuam behemoth Meituan ib muag, thaum nws tus nqi nruab nrab lub hom phiaj yog 52% siab dua nws qib kev lag luam kawg.
Drilling Down
Qhov loj divergence nyob rau hauv lub hom phiaj tus nqi rau tech stems los ntawm txawv valuation mus kom ze.
Raws li qhov hu ua sum-of-the-parts (SOTP) txoj kev, uas ntxiv cov nqi lag luam ntawm ntau lub lag luam, Morgan Stanley hais tias nws yuav tso Alibaba lub US Tshuag nqi ntawm $ 360, lawv cov ntaub ntawv ua ntej bull. Daim duab ntawd tau tam sim no tau txiav mus rau $ 220 thaum thim tawm tus nqi ntawm cov lag luam uas tsis yog-core, xws li Taobao Deals.
Ib txoj hauv kev zoo tshaj plaws thiab nyiam tshaj plaws rau tus brokerage yog siv txoj kev txo nqi nyiaj ntsuab (DCF), uas muaj nuj nqis rau cov Tshuag ntawm $ 140. Hnub Thursday, nws cov koom nrog Asmeskas tau kaw ntawm $ 108.80.
"Tam sim no, lub hom phiaj ntawm tus nqi uas peb muaj thoob plaws hauv pawg thawj coj yog qhov yooj yim heev kom ua tiav hauv DCF qauv los ntawm kev muab luv nqi vim tias peb zaum ntawm qhov pheej hmoo cuam tshuam ntau," said Manuel Muehl, kws tshuaj ntsuam ntawm DZ Bank AG, uas yog ib tug. ntawm peb tus kws tshuaj ntsuam xyuas Tencent ib muag. Nws hu nws tias "tsis muaj tseeb" rau cov kws tshuaj ntsuam xyuas kom tsis txhob muaj nqi hauv kev pheej hmoo nom tswv.
JPMorgan tau hloov los txais yuav tus nqi-rau-nyiaj tau ntau ntau, uas tsom mus rau kev loj hlob ntawm cov nyiaj tau los thiab sib piv nrog cov phooj ywg hauv kev lag luam, los ntawm SOTP txoj hauv kev ntsuam xyuas feem ntau cov tuam txhab thev naus laus zis raws li lawv tau hais txog "kev hloov pauv hauv tsoomfwv."
Andy Wong, tus thawj saib xyuas nyiaj txiag ntawm LW Asset Management Advisors Ltd. hauv Hong Kong hais tias "Txawm hais tias feem ntau ntawm cov tuam txhab thev naus laus zis hauv Suav no tuaj yeem poob qis, peb tsis pom qhov kev loj hlob tshiab," said Andy Wong, tus thawj coj ntawm LW Asset Management Advisors Ltd. "Dab tsi peb tau tos kom pom yog cov kev hloov pauv hauv cov qauv kev lag luam los ua haujlwm nrog kev tswj hwm ib txwm muaj, tab sis peb tsis pom ntau qhov pom."
Feem ntau Nyeem los ntawm Bloomberg Businessweek
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Tau qhov twg los: https://finance.yahoo.com/news/wall-street-slashed-prices-reflect-000000903.html