CCBI: TENCENT Is Conviction Top Pick, Also Likes MEITUAN-W, TRIP.COM-S

According to CCBI, most Chinese internet companies outperformed expectations in 2Q earnings, except for $MEITUAN-W (03690.HK)$ , which exceeded both revenue and earnings forecasts.

Apart from $PDD Holdings (PDD.US)$ , many companies are focusing on shareholder returns via stock buybacks and dividends. CCBI expects profitability to continue improving through 2024, supporting shareholder rewards.

Given $TENCENT (00700.HK)$ 's solid fundamentals, sustainable profit growth, and WeChat's monetization potential, CCBI named it its top pick. It is also bullish on $MEITUAN-W (03690.HK)$ and $TRIP.COM-S (09961.HK)$ , benefiting from service consumption trends. $BABA-W (09988.HK)$ offers a trading opportunity due to its valuation and inclusion in the Southbound Stock Connect. $SZ->HK Connect (LIST1922.HK)$ $SH->HK Connect (GangGuTong.HK)$