0453 GMT - Overseas expansion will likely remain a key growth driver for China's internet sector, Daiwa analyst John Choi writes in a note. He thinks investors have overlooked Didi's international transaction volume, which reached one-third of its domestic transactions this year. Xiaomi is set to sustain the recovery in its overseas sales growth, driven by its product launch cycle, Choi adds. In addition, the upsized stimulus to boost domestic consumption will be the market's focus next year, he says. Beike, JD.com and Xiaomi will be direct beneficiaries of any expanded stimulus for the consumer and property sectors next year, Choi says. Daiwa's preferred picks in the internet sector are Trip.com, Tencent, Meituan, PDD and Sea. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
December 18, 2024 23:53 ET (04:53 GMT)
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