GO
| HSI1 | 25,937.49 | +269.46 | 240.28B |
| HSCEI1 | 8,621.84 | +90.26 | 59.11B |
| Back Zoom + Zoom - Block Traded | |
|
2026-08-10 12:20:17 Goldman Sachs published a report on China's internet, previewing the upcoming 2Q results of major internet companies. The broker foresaw key themes to include cloud growth as a highlight, upward revisions to full-year capex, an inflection point in transaction platform profit, and increasing market focus on SOTP valuation. The broker raised its TP for MEITUAN-W (03690.HK) from HKD116 to HKD123 and maintained a Buy rating. Goldman Sachs anticipated TENCENT (00700.HK) to announce results on August 12, forecasting 2Q revenue growth of 9% YoY and adjusted EBIT growth of 9% YoY to RMB75.2 billion. Key focuses include AI capex and resource allocation priorities, Hunyuan model strategy, WorkBuddy and WeChat Agent metrics, gaming pipeline, and upside from AI-driven advertising. BABA-W (09988.HK) will announce 1FQ results on August 20. The broker forecast 2Q revenue growth of 9% YoY, while adjusted EBITA was expected to fall 33% YoY to RMB26 billion. Key focuses include funding sources for AI capex, margin upside for AI cloud/GPUaaS over the coming quarters, Qwen strategy, e-commerce cash flow, and talent retention. The broker expected Alibaba Cloud growth to accelerate to 45%, and estimated quick commerce investment in 2Q at around RMB10 billion. For MEITUAN-W (03690.HK), Goldman Sachs raised its adjusted net profit forecasts for 2026-28, mainly reflecting reduced competition intensity in food delivery. The broker estimated 2Q revenue growth of 10% YoY and adjusted EBIT growth of 56% YoY to RMB5.8 billion. The broker predicted JD-SW (09618.HK) 2Q revenue to decline 3% YoY, while adjusted EBIT was forecast to surge 587% YoY to RMB6.2 billion. JD Retail profit was estimated at RMB13.5 billion with a margin of 4.6%. Key focuses include JD Retail growth prospects, shareholder return policy, Joybuy international expansion, and AI applications. For PDD Holdings Inc. (PDD.US), the broker forecast 2Q revenue growth of 8% YoY, and adjusted EBIT to sink 4% YoY to RMB26.7 billion. Key focuses include Temu's GMV and profitability, drivers of core platform GMV growth, community group-buying strategy, and AI advertising technology applications. The broker's sub-sector preferences, in pecking order, are cloud and data centers (including GDS Holdings Limited (GDS.US), VNET Group, Inc. (VNET.US), Alibaba, and Kingsoft Cloud Holdings Limited (KC.US)), followed by gaming and entertainment, e-commerce and mobility, and AI models. ~ AASTOCKS Financial News Website: www.aastocks.com | |