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《大行报告》瑞信维持阿里(09988.HK)「跑赢大市」评级 目标价274元不变
阿思达克 05-25 10:21
瑞信发表的研究报告指,阿里巴巴(09988.HK)2020年第四财季收入按年升22%至1,140亿元人民币(下同),较该行及市场预期分别高7%,期内客户管理收入(CMR)及佣金收入按年升1%,较该行预期高8%,期内经调整溢利按年升11%至220亿元,较该行预测高26%。考虑到业绩胜预期,该行将其2021及2022财年的盈利预测升4%至5%,目标价维持274港元,评级「跑赢大市」。

公司今财年收入指引为6,500亿元,按年升27.5%,而内地市场的总成交额料达7.6万亿元。现财年首财季以来复苏情况亦显着,该行估算截至6月底的季度客户管理及佣金收入增长将反弹至18%。

该行指出内地市场复苏稳健,而云服务方面表现亦有加快,相信将继续支持公司2021财年的强劲表现,而阿里的生态系统已植根,相信可继续稳定地获取市场份额,而第三季被纳入互联互通相信亦可成股价的正面催化剂。

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