麦格里-全球-科技行业-全球科技巨头：沸水里的青蛙？-20180122-4页

Pleaserefertopage2forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GLOBAL‘Notlongago,beingthebossofabigWesterntechfirmwasadreamjob.Asthebillionsrolled-in,sodidtheplaudits:Google,Facebook,Amazonsandothersweremakingtheworldabetterplace.TodaythesecompaniesareaccusedofbeingBAADD–big,anti-competitive,addictiveanddestructivetodemocracy’TheleadarticleintheEconomist,20thofJanuary2018MSCIUS&MSCIUSIT&TechSector–ROE(%)–ITROE’sareconsistentlyabove25%-30%vs.closerto13%-15%forMSCIUSexITSource:Bloomberg;MacquarieResearch,January2018MSCIUSvsMSCIUSIT&TechSector–PricetoBook(x)–ITsectorP/Bis~4-5xvs.marketaverageofcloserto2.5-3xSource:Bloomberg;MacquarieResearch,January2018Analyst(s)ViktorShvets+85239223883viktor.shvets@macquarie.com22January2018MacquarieCapitalLim