《大行報告》麥格理下調阿里巴巴(09988.HK)目標價至359元 評級「跑贏大市」
麥格理發表的研究報告,將阿里巴巴(09988.HK)目標價降至359元,期望是最後一次降公司目標價,不過認為仍需要數月時間研究其業務發展,雖然該行對行業採取審慎的看法,不過仍認為阿里在同業中較可取,維持「跑贏大市」評級,認為大部分風險已反映在股價上。
該行表示與公司討論後,認為投資將於新一財年有較大影響,即6月份的季度以後,估計公司3月份的季度將受投資於社區團購等新業務所拖累,將公司3月份的季度非通用會計準則EBITA預測由355億元人民幣,降至276億元人民幣,而市場預期則為335億元。
麥格理認為競爭對手似乎正投入更多資源在社區團購等新業務上,對公司在社區團購的投資預測從190億元人民幣,上調至240億元人民幣,認為阿里將在新業務上維持進取的投資計劃,包括淘寶特價版及直播等,同時亦料公司將加強獲客及留住「餓了麼」的用戶。為審慎起見,該行將公司2022年非通用會計準則EBITA預測由2,030億元人民幣,降至1,890億元人民幣,低於市場預期的2,200億元人民幣,認為風險對盈利帶來了影響。
不過值得慶幸的是公司整體收入趨勢健康,料3月份的季度客戶管理收入(CMR)按年增39%,主要受惠淘寶及天貓商品交易額提升,以及抽成有溫和改善。(el/u) ~
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.