After qualitative, on July 10, a supplementary increase of more than 10%.
At present, these companies are still suppressed by negative factors (Baidu business cycle + industry cycle), and the current valuation is not a bubble at all.
In addition, there are other types of companies, such as Weibo and Momo. Due to the lack of new and beautiful performance in their business, they are now basically under 15 times PE. After deducting cash, they are basically in single digits. The market has already regarded it as a cigarette butt stock. treat.
In such a divided situation, what kind of bubble is this?
Speaking of overestimation, there is indeed a situation. Even companies with devilish air are like Meituan, Pinduoduo, and Station B, but they are far from the domestic liquor sector, which is collective overestimation.
The differentiation of the TMT industry is very severe.
However, if Ant Technology goes public, it can be expected that a structural bull market is coming. The story of Ant Technology is just like the story of Meituan. The anchor point of the market’s valuation should be in the next three to five years. .
This is the best moment when Ant is choosing an opportunity to go public-the eve of the bull market bubble in technology stocks. Note that this is not a full-scale bull market, a sector bull market, but a differentiated structural bull market.
The story of the ant just happened to cater to the epidemic. Investors need a certain degree of certainty, a certain rate of return, and at the same time, a story that can be told in the future.
To talk about the science and technology innovation board bubble, there are some at present. These concept companies often have wonderful prospects and grand future patterns, but often the company’s industry competitiveness has yet to be tested, at least not tested by time, and more “pigs” in the air. In particular, the long-term moat & competitive advantage are beyond mention.
For this type of company, when you talk about valuation, the dream rate is about the same. However, I have my own national conditions like this . I was dissatisfied. Obviously, I couldn’t make this money.
To give a simple example, why Meituan’s valuation has changed drastically in one or two years is nothing but a consensus among investors-the takeaway market, Ele.me is no longer competitive, and is basically in decline. As long as this expectation is repeatedly verified, then the anchor point of a certain valuation will change from “the past duopoly pattern to a single end” valuation.
The core is: Meituan’s advantages have been verified by the market repeatedly, multi-dimensionally and multi-channel. To put it bluntly, Meituan has formed a long-term competitive advantage & moat.
This is completely different from the coquettish Miki like SMIC. SMIC and the Cambrian are more of a domestic public utility, and they are major powers with strong non-market implications. It is possible to buy this kind of company as a patriotic stock. Similar to BOE in the past.
Why is Ant Technology different from this type of company?
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