《大行报告》大和升阿里巴巴(09988.HK)目标价至348元 料蚂蚁上市可提升估值
大和发表报告指,於9月28日至30日参加了阿里巴巴(09988.HK)举行的投资者日,认为投资者日的亮点包括阿里云及菜鸟网络转势,及新推出的变现工具包括Super Recommendation、Super Live Streams及Super Videos等,可推动集团在客户管理收入(CMR)内的增长,有关新工具在2021财年首季已贡献CMR的20%。
该行表示,是次投资者日最主要惊喜为阿里云及菜鸟网络业务的转势较预期为早,其中管理层估计云业务於2020财年可转为盈利,而菜鸟网络则料可录正经营现金流。
大和上调阿里巴巴股份目标价,由294元升至348元,评级维持「买入」,并上调其2021至2023财年盈利预测2%至5%,以反映阿里云及菜鸟网络业务或有更佳盈利能力。该行又将阿里巴巴持有蚂蚁集团上市前33%股权的估值,由1,500亿美元调升至2,500亿美元。
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