《大行报告》花旗上调阿里巴巴(09988.HK)目标价至334元 维持「买入」评级
花旗发表报告指,虽然已预期阿里巴巴(09988.HK)2021财年第三季会有稳健业绩,但其总收入增长37%及非国际通用会计准则(non-GAAP)盈利上升25%的表现,是较预期更为强劲,特别是天猫的实际成交总额(GMV)超出预期的增长19%,而客户管理收入(CMR)上升20%则是符合预期。
该行表示,阿里巴巴核心市场EBITA增长10%,意味相比客户管理收入有约10%的去杠杆,反映集团承诺投资核心零售市场内的新业务,包括淘宝宜播、淘宝杂货等。
花旗上调阿里巴巴目标价,由305元升至334元,此相当预测2023年市盈率23倍,维持「买入」评级。该行又调升集团2021财年第四季收入预测0.4%,non-GAAP盈利则下调8.8%;该行对阿里2021财年全年收入及non-GAAP盈利预测分别调升1.3%及1%;2022财年收入及non-GAAP盈利预测分别升0.7%及降7.9%;2023财年收入及non-GAAP盈利预测则分别升0.6%及降3.5%。
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