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《大行報告》瑞信上調阿里(09988.HK)目標價至364元 評級「跑贏大市」
阿思達克 11-06 09:46
瑞信發表研究報告指,阿里巴巴(09988.HK)第二財季業績符預期,期內收入按年增30%,而按非通用會計準則計算,EBITA則升28%。該行認為阿里巴巴正面因素包括是核心電商業錄按年增長兩成,而天貓的GMV亦增長兩成,淘寶的增長則達逾10%,分成比例穩定。另一方面,商城以外的業務虧損狠窄,而本地服務增長亦加快至29%,公司管理層對「雙11」看法亦正面。

該行指出,市場關注阿里巴巴旗下商城業利潤率弱過預期,但該行理解公司首次延長雙11活動,所以需要加大營銷投入,而在新零售及直銷方面的增長則減慢至按年升44%,主要因為疫情拖慢新店開幕步伐。

該行認為,阿里巴巴GMV有穩健的增長,雖然產品組合有所改變,但抽成比率亦維持平穩,餓了麼方面的增長亦有所加快。該行料公司第四季受惠「雙11」活動延長及服飾產品復甦等將有強勁表現,加上餓了麼、阿里雲及菜鳥方面利潤有改善,加上收購高鑫零售亦帶來協同效應等,將成重估的催化劑,將阿里港股目標價由354元升至364元,評級「跑贏大市」。(el/w) ~

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