CMSI: Leading Internet Platforms Show Resilience Amidst Macro Headwinds; Top Picks Include Tencent, Alibaba, Bilibili

Despite a weakened stock market, China's leading internet platforms have shown resilience, according to CMSI. This is due to improved competition and earnings outlook.

Companies like $PDD Holdings (PDD.US)$ , $Tencent Music (TME.US)$ , and $NetEase (NTES.US)$ remain attractive for their business strength, market position, and valuation, even after recent declines.

CMSI's top picks are $TENCENT (00700.HK)$ , $BABA-W (09988.HK)$ , and $BILIBILI-W (09626.HK)$ , all rated Overweight, with target prices of $474, $126, and $21 respectively.

Chinese platforms like Alibaba, Tencent, and $MEITUAN-W (03690.HK)$ maintained resilience in 2Q24. Despite macro pressures, government policies and positive stock-specific news remain key catalysts.