野村料阿里巴巴(BABA.US)第二财季整体收入增29%
野村发表研究报告,预期阿里巴巴(BABA.US)2021财年第二财季的整体收入按年增长29%至1,540亿元人民币,略低於市场预期的1,570亿元人民币。该行相信差别是在於非中国电商业务,因为该行对其中国电商收入的估计与市场预期一致,料按年增19%至680亿元人民币。
该行估计公司的盈利与市场预期一致,综合EBITA按年升24%至398亿元人民币。核心业务的EBITA按年升21%至465亿元人民币,EBITA利润率为35.7%,下降2.4个百分点。
该行认为公司很可能会维持其对三、四线城市电商市场的投资,这或会对其中国电商业务的盈利能力带来一定的压力,估计2021至2022财年的中国电商业务EBITA利润率分别下跌2.4个百分点及2个百分点。
野村将阿里巴巴2021财年的每股盈利预测大致维持不变,并将其2022财年每股盈利预测上调1%。维持「买入」投资评级,目标价由原来的309美元上调至353美元。
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