新股報告:阿里巴巴-SW(9988.HK)
機構:羣益證券
隨着業務不斷擴展,從商業拓展至雲計算、數字媒體及娛樂等眾多其他領域,阿里巴巴已進化為一個獨特的、充滿活力與創新的數字經濟體。集團為商家、品牌及其他企業提供技術基礎設施以及營銷平台,幫助其藉助新技術的力量與用户和客户進行互動,並更高效地進行經營。阿里巴巴的業務包括核心商業、雲計算、數字媒體及娛樂以及創新業務。除此之外,其非並表關聯方螞蟻金服為平台上的消費者和商家提供支付和金融服務。圍繞着其平台與業務,一個涵蓋了消費者、商家、品牌、零售商、第三方服務提供商、戰略合作夥伴及其他企業的數字經濟體已經建立。
估值
集團按2019年財政年度純利87600百萬人民幣計算,市盈率約為41倍。阿里巴巴圍繞其平台與業務,一個涵蓋了消費者、商家、品牌、零售商、第三方服務提供商、戰略合作夥伴及其他企業的數字經濟體已經建立。截至2019年6月30日止12個月期間阿里巴巴數字經濟體中國用户超過9.60億,其全年度活躍消費者約為8.60億,而中國零售市場年度活躍消費者約為6.74億,在行業中處於龍頭領先地位。此前小米集團及美團點評均以同股不同權的架構在港交所上市,且已被納入港股通,而同樣以同股不同權架構在香港上市的阿里巴巴,根據其交易規模及公司基本面,料未來亦將被納入港股通,或將帶來更多投資機會。此外,在近期香港經濟季環比出現負增長及本地社會活動影響市場的環境之下,阿里巴巴的上市將為港股市場注入新鮮血液,對提升香港股市的活躍度起到一定的促進作用。因此,我們建議認購該股。

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