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<Research>JPM: Internet Stock Volatility Reflects Fragile Mkt Sentiment; Adjustment Presents Buying Opportunity
Recommend 39 Positive 66 Negative 24 |
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Internet stocks recently experienced significant volatility, which JPMorgan attributed in its research report to reports suggesting that TENCENT (00700.HK)'s value-added tax rate might increase from the current 6% to the 32% consumption tax level applicable to liquor companies. While JPMorgan found it confusing to conflate value-added tax with consumption tax and reference a 32% consumption tax rate, the initial market reaction showed that market sentiment was quite fragile after several days of risk aversion. Besides, several news media had already refuted the related reports before the market closed. JPMorgan viewed this adjustment as an opportunity to acquire TENCENT and related internet stocks like NTES-S (09999.HK) and BIDU-SW (09888.HK). It also gave the communication services sector an Overweight rating, believing that its 4Q25 performance will have met market expectations. AAStocks Financial News |
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