《大行報告》摩通:阿里遭罰款僅內地監管互聯網巨頭開端後 估美團及騰訊最易受政策影響
摩根大通發表報告表示,阿里巴巴(09988.HK)(BABA.US)因壟斷行為遭內地監管部門罰款182億人民幣,相信阿里股價反應會表現正面,重申對其美股「增持」評級及目標價320美元,及作為中國互聯網業內首選股。
該行相信阿里巴巴今次罰款事件,僅為內地監管互聯網平台巨頭開端,反映內地會加強監管內地科網行業,特別是具主導地位的平台經濟企業,並認為騰訊(00700.HK)、美團(03690.HK)成為最易受到內地監管政策所影響的公司。
摩通認為在當前的監管環境中騰訊和美團易受影響,並指在阿里巴巴今次案例中,國家市場監督管理總局能夠將阿里巴巴的口頭請求作為證據,這表明其權力較對阿里巴巴調查更強,值得注意的另一件事是,阿里遭罰款182億元人民幣的計入基數,包括阿里巴巴的全部國內收入,包括天貓和淘寶網的收入,其他中國零售業務的收入,甚至包括非商業收入(雲,娛樂等),表明國家市場監督管理總局的處罰,不僅僅限於阿里巴巴從壟斷行為中獲得的直接經濟利益。
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