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招商證券國際:予阿里巴巴(9988.HK)“買入”評級
格隆匯 11-28 11:02
招商證券國際發表報告表示,阿里巴巴(9988.HK) 於本週二(26日)在香港 作第二上市,連超額配售共發5.75億股,按每股作價176港元計共籌1,012億港元,相信阿里在香港上市成為香港資本市場的里程碑,該股將於12月9日獲納入納入恆生綜合指數,未來要進一步納入港股通,條件是需在聯交所上市滿6個月及其後20個港股交易日,當南向資金可投資該股,並對阿里作估值重估。
該行維持阿里巴巴“ 買入 ”評級,予其美國存托股份(ADR)目標價為222美元,對應港股股價為217港元,此按綜合方式作估值,指未來南方資金流入,有助對阿里作重估,同時阿里在香港及美國同時上市或可提供套戥機會,令其在 香港 及美國股價的價值收窄。
招商證券國際稱,阿里在香港作第二上市,具營運及規避風險的目標,公司仍需要併購投資以擴大其商業生態圈,今次集資可擴大的股本融資渠道;第二是規避風險目標,相信可降低長遠面對中美兩國地緣政治風險的影響,因美國可能收緊在美上市的中國企業監管,而阿里在香港上市,亦可為其他在美上市的中資股未來到港上市作良好示範。招商證券國際料阿里巴巴2020財年至2022財年非通用會計準則下純利各為1,401.33億、1,709.66億及2,203.69億人民幣,按年各升39%、22%及29%。

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