《大行报告》汇丰研究重申阿里巴巴「买入」评级 料未来十年再创另一数码转型变革
汇丰环球研究发表报告表示,重申阿里巴巴(BABA.US)美国存托股份(ADS)「买入」投资评级,目标价247美元(本港上市文件指每1股美国存托股代表8股本港上市股份,相当本港上市每股241.6港元),此按贴现现金流模型作估值,指现价相当核心电商业务预测2021年经调整市盈率21倍,对比同业估值24倍,指其估值吸引。
该行指,阿里巴巴未来盈利可受惠於新举措(包括规模优势、效率提升所动)、新广告模式的变现化进程、在边远市场的市场份额提升(如Alipay及Amap)、本地服务、天猫新供应策略等。从阿里巴巴在过去16年在淘宝电商转型经验,估计阿里未来十年将可再创另一数码转型变革。
汇丰环球研究称,已计入阿里在本港挂牌集资约880亿港元因素,发行新股相於其美国存托股份2%,决定上调对其2020财年及2021财年净利润预测7.1%至9.8%,相信公司会用於投资科技,提升创新及数码转型及提升营运效益。该行指,喜爱阿里巴巴多於拼多多,公司具有更佳的盈利质素及市场份额。
该行指,上调对阿里巴巴截至2020年3月底止财年每股盈利预测0.6%至每股52.41元人民币,升阿巴截至2021年3月底止财年每股盈利预测6.2%至每股44.6元人民币,同时升其截至2022年3月底止财年每股盈利预测8.8%至每股59.24元人民币。
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