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《大行报告》德银上调阿里(09988.HK)目标价至318元 评级「买入」
阿思达克 02-05 09:42
德银发表的研究报告指,阿里巴巴(09988.HK)公布截至去年底止第三财季业绩,收入按年升37%至2,210亿元人民币(下同),按非通用会计准则计算经调整EBITDA按年升31%至680亿元,大致与该行及市场预期一致,另外年度活跃消费者及月活跃用户分别按年升10%及9%,展望将来公司将继续投资於增长先於盈利能力,估计集团内将有协同效应,而新业务投资亦会有强劲增长,微升其盈利预测,目标价由310元升至318元,重申「买入」评级。

该行指出,上财季公司核心电商收入按年增39%,主要受惠新的变现模式及天猫实体GMV按年升19%,相信末财季增长将再度加快,另外淘宝应用新增的两个功能将有助改善用户参与度。阿里云维持势头,收入按年增长50%,经调整EBITA亦首度转正,菜鸟收入亦按年升51%,经营现金流达正数。

德银指出反垄断调查仍在进行,公司已成立特别团队进行内部审视,估计现价已反映集团收入6%的罚款或收入增长减慢4%,另外管理层亦重申正研究蚂蚁的IPO。

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