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《大行報告》瑞信降阿裏(09988.HK)H股目標價至245元 評級「跑贏大市」
瑞信發表研究報告,預期阿裏(09988.HK)截至6月底止首財季收入料按年升33%至2,040億元人民幣,源於核心電商業務客戶管理收入(CMR)(料按年升15%)及內地零售增長放緩(撇除高鑫料按年升10%);雲服務(料按年升37%)受過去一季度重大客戶終止服務所影響。

報告料在加大投資下,阿裏首財季經調整EBITA按年跌11%。對新業務投入料由去年的40億元人民幣加碼至170億元人民幣。

瑞信表示,關注阿裏核心電商增長勢頭及競爭格局;社區團購、淘寶特價版及餓了麼等新業務的進展。該行渠道調查顯示阿裏加大對中小企的支持,及快速擴張社區團購,銷量相當於市場領導的三分之一。

報告下調阿裏2022至2024財年每股盈測介乎4%至10%,以反映增長放緩,H股目標價由251元降至245元,認同公司仍面對激烈競爭,但已反映於股價;其核心電商估值相當於今財年預測市盈率11倍,對長線投資者帶來價值,維持「跑贏大市」評級。

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