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《大行報告》大和降阿里(09988.HK)目標價至260元 重申「買入」
阿思達克 07-12 13:17
大和發表研究報告,料阿里巴巴(09988.HK)截至6月底止首財季收入按年升36%;該行料阿里旗下天貓實體商品總銷貨價值首財季跑贏市場。報告引述管理層早前稱,今年「6.18」推廣符合內部預期。公司專注提升商戶參與及客戶購物體驗。參與品牌已經由10萬戶增至25萬戶,逐漸增加的推廣開支料抵銷平台使用費下降的影響。

計及旗下高鑫零售(06808.HK),報告料阿里首財季內地電商零售收入按年升42%。不過公司對「淘特」及社區團購的投入或拖累核心電商EBITA,該行料首季EBITA約436億元人民幣。另該行料阿里雲首財季收入按年升38%,並料失去一國際客戶的影響在未來數季逐漸減退,雲服務大部分收入續來自本地客戶。該行下調阿里2022至2024財年收入預測約1%,形容其正經歷投資階段,重申「買入」評級,目標價由290元降至260元。

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