《大行報告》大和:阿里(09988.HK)屬首選股 下月公布第四財季業績可成股價推動力
大和發表報告,指阿里巴巴(09988.HK)2020財年第四財季(截至今年3月底止)業績將於5月公布,目前對公司今年3月復甦感樂觀,不過本地服務和國際商業方面則較預期弱,但認為其商務核心EBIT有上升空間。雖然短期受軟銀售股影響,但料阿里巴巴股價料在未來數季受其強勁的商務表現所帶動,維持其首選股的地位,重申「買入」評級,目標價260元。
該行指,預期阿里巴巴第四財季客戶管理業務收入跌6.4%,佣金收入跌7%,主因天貓超市組合轉變,給予商戶優惠利率、免年費6個月等,但自3月份交通恢復後,相信本地和出口相關的業務都會在第四財季緩慢復甦,預期收入升17%至1,092億人民幣。
大和稱,上調對阿里巴巴2020年度經調整盈利預期4%,以反映商務核心EBIT率較高預期。
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