《大行報告》美銀證券稍降阿里巴巴(09988.HK)目標價至342元 重申「買入」評級
美銀證券發表的研究報告指,阿里巴巴(09988.HK)第二財季核心商務收入按年升29.3%至1,310億元人民幣(下同),大致符該行預期,而天貓實體產品銷售亦按年升21%,而淘寶的增長亦反彈至10%以上,主要因為疫情的影響逐步減退,期內佣金及客戶管理收入錄20%的穩健增長。值得留意的是淘寶特價版月活躍用戶達7,000萬,淘寶直播產生約5%的GMV,而滲透率較低的產品如超市、食品、健康等GMV亦錄30%至50%的增長。
該行認為公司大部分新業務虧損亦有所收窄,除了創新業務的項目有較長期的研發,很多新的項目持續向好,雲業務及非商城電商業務包括菜鳥、新零售、Lazada以及媒體等經調整EBITA雖然仍是負數,但亦按年有改善,相關因素亦部分抵銷了內地商城業務方面的利潤壓力。如撇除與螞蟻相關開支,期內經調整利潤294億元,大致符預期,而經調整EBITDA達475億元亦符預期。該行將公司2021/22財年每股盈測下調,以反映在電商業務方面的投資,目標價微降至342港元,以配合螞蟻持股價值降低及其他投資入帳價值較高的影響,重申「買入」評級,認為公司在淘寶特價版、淘寶直播等的工具可助維持其市場份額。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.