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《大行報告》德銀上調阿里(09988.HK)目標價至318元 評級「買入」
阿思達克 02-05 09:42
德銀發表的研究報告指,阿里巴巴(09988.HK)公布截至去年底止第三財季業績,收入按年升37%至2,210億元人民幣(下同),按非通用會計準則計算經調整EBITDA按年升31%至680億元,大致與該行及市場預期一致,另外年度活躍消費者及月活躍用戶分別按年升10%及9%,展望將來公司將繼續投資於增長先於盈利能力,估計集團內將有協同效應,而新業務投資亦會有強勁增長,微升其盈利預測,目標價由310元升至318元,重申「買入」評級。

該行指出,上財季公司核心電商收入按年增39%,主要受惠新的變現模式及天貓實體GMV按年升19%,相信末財季增長將再度加快,另外淘寶應用新增的兩個功能將有助改善用戶參與度。阿里雲維持勢頭,收入按年增長50%,經調整EBITA亦首度轉正,菜鳥收入亦按年升51%,經營現金流達正數。

德銀指出反壟斷調查仍在進行,公司已成立特別團隊進行內部審視,估計現價已反映集團收入6%的罰款或收入增長減慢4%,另外管理層亦重申正研究螞蟻的IPO。

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