---
title: "Goldman Sachs: Mainland Internet industry most prefers e-commerce and gaming sectors, raises target prices for Tencent, Alibaba, JD.com, Meituan, and PDD"
description: "Goldman Sachs considers e-commerce and gaming as priority sectors in the mainland internet industry, based on strong growth and loose policies. The bank has raised the target price-to-earnings ratio a"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/215572614.md"
published_at: "2024-09-30T06:45:04.000Z"
---

# Goldman Sachs: Mainland Internet industry most prefers e-commerce and gaming sectors, raises target prices for Tencent, Alibaba, JD.com, Meituan, and PDD

> Goldman Sachs considers e-commerce and gaming as priority sectors in the mainland internet industry, based on strong growth and loose policies. The bank has raised the target price-to-earnings ratio and target price for Tencent, Alibaba, JD.com, Meituan, and Pinduoduo, believing that the mainland e-commerce market will provide significant value restoration. Tencent's target price has been raised from HKD 464 to HKD 521, Alibaba from HKD 105 to HKD 131, JD.com from HKD 157 to HKD 178, Meituan from HKD 157 to HKD 194, Pinduoduo from USD 165 to USD 169, all rated as "Buy"

Goldman Sachs aligns e-commerce stocks with gaming stocks, considering them as the most preferred sectors in the mainland internet industry. Based on the mainland's stronger-than-expected growth and loose policies, the e-commerce market is expected to stabilize under the condition of roughly stable market share. With Alibaba, Pinduoduo, and JD.com trading at only 9 to 12 times earnings, with a combined market value of only $500 billion, compared to Amazon's $2.1 trillion market value. The bank believes that mainland e-commerce, as the world's largest e-commerce market, will provide the most significant value recovery among mainland internet stocks. The industry's growth is faster than mainland economic and consumption growth, benefiting from the increasing monetization rate driven by the shift to online shopping and advertising technology.

Based on improved visibility of macro and market environment and consumer outlook, the bank has raised the target price-to-earnings ratio for Tencent's advertising and fintech to 22 times and 18 times, for Meituan's in-store, hotel, and travel sectors to 20 times, for Alibaba Taotian Group to 10 times, for JD.com's retail to 10 times, and maintained Pinduoduo's local platform target price-to-earnings ratio at 13 times. Goldman Sachs has raised Tencent's target price from HKD 464 to HKD 521, Alibaba's target price from HKD 105 to HKD 131, JD.com's target price from HKD 157 to HKD 178, Meituan's target price from HKD 157 to HKD 194, and Pinduoduo's target price from USD 165 to USD 169, all rated as "Buy"

### Related Stocks

- [PDD.US - PDD](https://longbridge.com/en/quote/PDD.US.md)
- [80700.HK - TENCENT-R](https://longbridge.com/en/quote/80700.HK.md)
- [TCTZF.US - Tencent Holdings Limited](https://longbridge.com/en/quote/TCTZF.US.md)
- [TCEHY.US - Tencent](https://longbridge.com/en/quote/TCEHY.US.md)
- [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md)
- [MPNGY.US - Meituan](https://longbridge.com/en/quote/MPNGY.US.md)
- [83690.HK - MEITUAN-WR](https://longbridge.com/en/quote/83690.HK.md)
- [03690.HK - MEITUAN](https://longbridge.com/en/quote/03690.HK.md)
- [JD.US - JD.com](https://longbridge.com/en/quote/JD.US.md)
- [89618.HK - JD-SWR](https://longbridge.com/en/quote/89618.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业 | 市场监管总局于 2 月 13 日约谈了阿里巴巴、抖音、百度、腾讯、京东、美团和淘宝闪购等平台企业，要求它们遵守相关法律法规，落实主体责任，规范促销行为，并杜绝 “内卷式” 竞争，以维护公平竞争市场环境，促进平台经济的创新与健康发展。 | [Link](https://longbridge.com/en/news/275975190.md) |
| 景林资产四季度减持英伟达，重仓谷歌、Meta 和拼多多 | 景林资产在四季度增持谷歌母公司 Alphabet、英特尔、拼多多等股票，同时减持英伟达、Meta 等。其投资组合重仓谷歌 A、Meta、拼多多等，英伟达配置占比第七。市场有风险，投资需谨慎。 | [Link](https://longbridge.com/en/news/275183926.md) |
| 尼日利亚因涉嫌数据保护违规对 Temu 展开调查 | 尼日利亚的数据保护机构已对中国电子商务平台 Temu 展开调查，原因是其可能违反数据保护法律。尼日利亚数据保护委员会（NDPC）对 Temu 的数据处理实践表示担忧，包括在线监控和跨境数据传输。这项调查可能导致法律处罚，因为 Temu 管理 | [Link](https://longbridge.com/en/news/276113496.md) |
| 期权热点｜周四 PDD 跌 4%，部分看跌期权飙升 504% | 美东时间 02 月 12 日，拼多多期权总成交 119338 张，看涨期权占比 19%，看跌期权占比 80%。 | [Link](https://longbridge.com/en/news/275848688.md) |
| 港股盘中｜恒指跌 1.52%，科技权重股普跌，美团跌 3.30%，爱芯元智大涨 13.68% | 港股三大指数今日全线承压，恒指跌 1.52%，恒生科技指数跌 1.24%，市场在触及高点后遭遇获利回吐。科技网路与零售板块普遍走弱，权重股腾讯控股跌 1.77%，阿里巴巴跌 2.21%，美团跌 3.30%。餐饮板块走势分化，海底捞逆势上涨  | [Link](https://longbridge.com/en/news/275840280.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
