《大行報告》匯豐研究降阿里(09988.HK)目標價至263元 維持「買入」評級
匯豐研究發表報告,指阿里(09988.HK)料8月公布截至6月底止首財季業績。該行指其基本面穩固,正投資於未來;料其收入按年升38%,經調整EBITA料按年則跌10%。該行估算天貓實體產品商品成交額(GMV)按年增18%,主要受FMCG及衣履帶動,跑贏國統局所列4月及5月線上實體產品16%及10%的零售增長。行業指「618」後增長正常化,惟參與天貓2021 618活動的品牌按年大增2.5倍至25萬戶,反映商戶參與度上升。該行料其核心電商收入按年升幅放緩至19%,低於對上財年同期的21%升幅。
報告下調阿里盈測,維持「買入」評級,H股目標價由281元降至263元,認為最近政府監管收緊對其盈利影響有限。
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