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大和:重申阿里巴巴(9988.HK)買入評級 目標價290港元
格隆匯 06-21 13:20

大和發表研究報吿指,早前與阿里巴巴(9988.HK)進行了投資者會議,投資者大多關注淘寶特價版及社區團購業務的投資情況。該行指,內地對阿里的監管風險已經紓緩,其核心商務的估值已因多於預期的投資降低。該行重申其買入評級,目標價290港元。

大和指,阿里目標2022年在中國市場增加1億用户,令其用户數增至接近10億。另外,阿里並不認為自己是社區團購模式的遲來者,雖然不否認阿里擁有強大的生態系統資源以及在線雜貨市場滲透率仍低於10%,有充足機會,但認為管理層必須表現出強大的執行力,以消除市場的擔憂。

大和又指,儘管失去字節跳動的國際業務受到暫時性的影響,但管理層認為阿里雲擁有多元化的收入來源,並指字節跳動之後的前10大客户只佔其雲收入的不到8%。該行續指,雖然阿里不將雲業務視為上市候選,但認為它會考慮將被低估的成熟業務上市以釋放價值,認為菜鳥會在候選名單中名列前茅。

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