《大行报告》大和降阿里(09988.HK)目标价至300元 料斥逾200亿人币攻社区团购引关注
大和发表报告,重申对阿里巴巴(09988.HK)「买入」投资评级,按综合方式作估值,下调对其未来12个月目标价,由325元降至300元,反映对其核心电商业务估值预测市盈率由26倍降至23倍,因降毛利率预测及将估值预测伸延至2022年。
该行估计阿里巴巴2021财年第四财季收入1,760.63亿人民币(按年升54%、按季跌20%)。其中,核心电商业务收入1,490.53亿人民币(按年升59%、按季跌24%)、云计算业务收入179.9亿人民币(按年升47%、按季升12%)、数码媒体及娱乐业务收入67.32亿人民币(按年升13%、按季跌17%)。毛利率预测为37%(按年升0.42个百分点)。该行料阿里2021财年第四财季非通用会计准则纯利279.42亿人民币(按年升25%,按季跌53%)。
大和估计,阿里2021财年第四财季总交易额增长回升,但毛利压力仍然持续,并估计集团会投资最少200亿人民币於社区团购业务,将成市场负面关注点。该行下调阿里巴巴2022财年每股盈利预测13%,反映相关投资较高的因素。(wl/u)
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