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《大行报告》摩通:阿里(09988.HK)进入巨大投资周期 料2022财年盈利或零增长
阿思达克 05-14 09:01
阿里巴巴(09988.HK)(BABA.US)昨公布截至今年3月底止全年度业绩,其美国预托证券显着受压挫6.3%。摩根大通发表报告表示,阿里巴巴截至今年3月底止季度业绩及对2022财年(截至2022年3月底止财年)收入指引大致符合该行及市场预期,但相信投资者最关心是公司的投资进程上,因阿里管理层指会将所有新增利润都投入到重点战略领域,比如技术创新及用户增长等。

该行认为阿里巴巴正进入一个巨大投资周期,公司希望在新的财年尽快实现中国消费市场年度购买用户超过10亿的目标(截至今年3月底财年末的年度购买用户为8.91亿),要达到相关目标,估计市场对阿里2022财年经调整盈利增长14%预测有下行风险,摩通指此更意味阿里於2022财年(截至2022年3月底止财年)盈利将会为零增长,此会令市场人士感到失望,投资者会关注投资何时才可取得回报包括2023财年前景,但要评估时取得回报料目前仍属言之过早,料阿里股价对此反应负面。

摩通指,维持对阿里巴巴港股「增持」评级及目标价310元。

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