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《大行报告》大摩:阿里(09988.HK)罚款「落地」可消市场忧虑 焦点重新转至基本面
阿思达克 04-12 11:47
阿里巴巴(09988.HK)(BABA.US)因在网络平台实施「二选一」垄断行为遭罚款182.28亿元人民币,责令停止违法行为。摩根士丹利表报告表示,阿里巴巴相关罚款占其2019年本地总销售约4%,虽然涉资金额创纪录,但该行认为此结果可望消除阿里巴巴主要忧虑,估计市场焦点将重新转至公司基本面之上。

该行指,内地监管部门对阿里巴巴相关调查经过4个月後,阿里股价期间亦累跌16%,认为今次罚款结果是消除了阿里所面临不明朗因素,令市场重新聚焦於其基本面之上。

大摩认为,对阿里巴巴施加的罚款绝对值超过了中国以往的监管罚款,但同时提为针对中国其他互联网平台的反垄断行树立了榜样,料罚款金额相当於公司当前净现金的6%。不过,该行认为该监管决定应能缓解阿里主要压力,阿里巴巴暂时无需进行重大的组织重组和资产剥离。展望未来,该行认为市场将重心转向公司旗下电子商务领域竞争上。该行维持对阿里巴巴美股「增持」评级及目标价300美元。

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