The market value of bank BAT can be compared to the top 500

As the Internet giant in the business of BAT, Baidu (BIDU), Alibaba (BABA), Tencent (00700.HK), because of institutional reasons, the three have missed the domestic capital markets, only went to overseas listing.

However, with the recent "Fortune" 500 released, many people are interested in the operating conditions of BAT, what are the status of domestic listed companies? How far is BAT from FORTUNE 500?

"First Financial Daily" combing the relevant information found that if Alibaba successfully listed in the United States, the market value may challenge ICBC (601398.SH) and PetroChina (601857.SH) (according to the A share price, the same below ); Tencent now has exceeded the market value of Agricultural Bank of China (601288.SH) and Bank of China (601988.SH); Baidu has also surpassed China Life Insurance (601628.SH).

However, as the Fortune 500 ranked by operating income, net profit and market capitalization have no effect on the rankings. It is also a topic of concern to the market when China BAT can enter the Fortune 500.

Ali market value or may challenge ICBC

Alibaba Group is going to the United States market, its prospectus shows that Alibaba's full-year 2013 operating income reached 7.95 billion US dollars (about 49.3 billion yuan), the annual net profit amounted to 3.562 billion US dollars (about 22.1 billion Yuan).

According to yesterday's closing price of 122.2 Hong Kong dollars, Tencent market value of 1114.7 billion Hong Kong dollars (about 905.13 billion yuan), Tencent net profit of 15.52 billion yuan in 2013, according to 2013 data calculated price-earnings ratio of 58.4 times; if Alibaba according to this If the valuation goes to the United States, the total market value will reach 1290.64 billion yuan, or more than 200 billion U.S. dollars. If calculated according to the 2013 profit, Google's price-earnings ratio is about 30 times, Baidu is about 38 times, Baidu July 9 closing market value of 64.718 billion US dollars (about 397.65 billion yuan).

Wind information data show that the highest market value of A shares in the company, ranked No. 1 PetroChina in terms of A-share price, the market value of 1.369 trillion yuan, slightly higher than the above value of Alibaba, ICBC was 1.2212347 trillion yuan, has been Below the above figure.

However, in the end Alibaba can exceed the market level of ICBC and even PetroChina, then Rongdeng China's first high market value company?

In this regard, an Internet industry analyst told the "First Financial Daily" reporter said that because Hong Kong regulatory authorities on the issue of ownership structure adhere to the "same shares with the same rights", so the number of Internet companies listed in Hong Kong is small, investors The choice is also extremely limited, in the case of imbalance between supply and demand, resulting in Tencent and other related shares of the high valuation is expected to Alibaba listed in the United States, the valuation will be between the level of Tencent and Baidu, and the United States relatively mature Internet companies Favorable

A veteran investment banker told this reporter that the listed valuation of Alibaba is between 150 billion U.S. dollars and 180 billion U.S. dollars. The valuation of 200 billion U.S. dollars or above is relatively high, leaving no room for the secondary market.

Senior Investment Banker Wen Tianna told the "First Financial Daily" reporter said Alibaba originally considered listing in Hong Kong, one of the reasons is the subject of a higher valuation of Tencent, but the decision to go to the United States after the listing, road show process But also face the investors in Asia Pacific, the valuation may also move closer to Tencent, but for American investors, the valuation is more than 50 times higher, depending on the progress of the roadshow. However, from the business model, Tencent and Alibaba entered each other's territory, compared to Baidu and Google more focused on the nature of business search, Tencent and Alibaba comparable.

According to the July 9 closing price of $ 184.94, Baidu's market value reached 397.65 billion yuan; this has surpassed 386.1 billion yuan of China Life, will be ranked eighth in Shanghai and Shenzhen (excluding the Alibaba , Tencent, the same below); Tencent's market capitalization of more than 900 billion yuan, ranking above the Agricultural Bank of China, Bank of China, second only to ICBC, China Construction Bank (601939.SH), and fourth place.

Fortune 500 just around the corner?

Alibaba realized 22.1 billion yuan net profit in 2013, if the Shanghai and Shenzhen stock markets, what is the status?

The reporter of "First Financial Daily" combed the relevant data of Shanghai-Shenzhen 300 listed companies and found that the net profit of Alibaba is also between the net profits of Huaxia Bank (600015.SH) and Everbright Bank (601818.SH).

Tencent 15.05 billion net profit, then Ping An Bank and Huaxia Bank, among the 20, beyond the Vanke A (000002.SZ); Baidu's net profit of 10.519 billion yuan, more than CITIC Securities (600030.SH ) Twice the level, second in Huaneng Power International (600011.SH) and ranked 29th.

Tencent, which has the highest operating revenue of BAT, recorded revenue of RMB60.437 billion in 2013 and 61st in Shanghai-Shenzhen 300 companies, slightly higher than Gezhouba (600068.SH). Its revenue of RMB49.391 billion was ranked at 77th; the lowest is 31.944 billion yuan Baidu, higher than the Kweichow Moutai (600519.SH) ranked 95th.

From this we can see that if the operating income level is concerned, BAT will have lagged far behind. And it also has a long way to go if BAT is away from Fortune 500.

Fortune 500 ranked according to operating income, net profit and market value has no effect on the rankings, there are some companies in the list at a loss. In the recently announced list, Raytheon, the last of its kind, reported revenue of $ 23.7 billion, 2.4 times higher than Tencent, the top operating revenue group among BAT.

In addition, the world's leading technology companies Samsung and Apple ranked 13th and 15th respectively in the Top 500 list while Google ranked 162nd with a revenue of 60.629 billion U.S. dollars.

The Internet industry analysts believe that the business model of Internet asset-light business, decided the profit margin is much higher than other industries; but believe BAT still has more room for development in recent years, BAT a large number of mergers and acquisitions in all walks of life, and mergers and acquisitions Many enterprises in the target profit margins are often not as BAT itself, and some M & A objects are also at a loss, which makes the future period of time, BAT's revenue growth will be higher than the profit growth, to be "Fortune" 500 actually just around the corner .

Zero2IPO Research Center analyst Zuting believes that the Chinese Internet has begun to globalize the layout of the mobile Internet is still the highlight of overseas M & A, of which more than M & A in the field of mobile Internet involves mobile games, mobile security, search and social aspects; e-commerce Overseas M & A in the field mainly focuses on two vertical sectors: professional verticals and online e-commerce. Among them, sports and tourism are the vertical areas of professional e-commerce that Chinese enterprises are very concerned about.