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<Research>M Stanley Downgrades KUAISHOU to Equalweight, Adjusts TPs of Bilibili/ TONGCHENGTRAVEL
Recommend 67 Positive 109 Negative 76 |
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Outbound travel and music remain the most attractive part of China's online entertainment segment, Morgan Stanley issued a research report saying. For online travel, Morgan Stanley was bullish on summer holiday outbound travel and related companies' 3Q24 guidance, especially for the international outbound travel and the revival of most flights driven by the visa-free policy. Morgan Stanley preferred Trip.com Group Limited (TCOM.US) as its top pick, and rated TONGCHENGTRAVEL (00780.HK) at Overweight, but cut its target price to $20. Online video games will face their most competitive summer holiday, Morgan Stanley said. The recent release of a number of games, including Tencent's DnF Mobile and Bilibili Inc. (BILI.US)'s Sanguo SLG. More than 100 games are expected to be released this summer, including NetEase, Inc. (NTES.US)'s Once Human and Naraka：Bladepoint, which will be launched on 25 July. Although growth is expected to accelerate in 2H24, it is expected that the ROIC will fall due to a decline in ARPPU and higher costs. It is also believed that advertising platforms with higher game exposure will benefit. Morgan Stanley cut its target price on Bilibili from US$15 to US$14, with rating at Equalweight. The broker also rated NetEase at Equalweight, with a target price of US$100. Morgan Stanley downgraded KUAISHOU-W (01024.HK) from Overweight to Equalweight, and chopped its target price to $55 from $70, due to a gradual decline in market share and a slowdown in gross profit expansion as a result of rising sales and marketing expenses. AAStocks Financial News |
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