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《大行报告》德银升阿里巴巴(09988.HK)目标价至318元 上季业绩符预期
阿思达克 02-03 14:21
德银发表研报指,阿里巴巴(09988.HK)第三财季收入按年增长37%,调整後的非通用会计准则下 EBITDA增长31%,基本与该行及市场预期相符。

报告指出,阿里年度活跃消费者按年增长10%,每月活跃用户增长9%,展望未来将继续投放资源提升盈利能力,预计随着新业务强劲增长,集团内部将产生协同效应。

该行认为,国内物流状况与去年相比有所恢复,加上消费者行为发生变化,预期3月底止第四季度的增长可能会重新加快。此外,淘宝应用程序首页改版,提高用户的参与度,增强消费者粘性;阿里云业务保持增长势头,收入增长50%,EBITDA更首次达到正数。德银将盈利预测略微提高,预期全年度收入达到7,122.01亿元人民币,净利润达到1,790.79亿元人民币。

德银指出,反垄断调查正在进行中,估计当前股价已反映占集团收入约6%的潜在罚款及未来收入增长或放缓约4%等因素,将美股目标价上调至327美元(原本319美元),港股目标价升至318元(原本310元),重申「买入」评级。

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