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《大行報告》花旗下調阿里(09988.HK)目標價至288元 評級「買入」
阿思達克 08-06 11:37
花旗發表的研究報告指,雖然阿里巴巴(09988.HK)整體收入遜預期,而雲服務及客戶管理收入增長減慢,不過經調整EBITA及淨利均好過預期。2022財年公司收入指引及將盈利再投資於新業務方向不變,花旗對阿里擴大回購計劃至150億美元看法正面,意味管理層對長遠增長前景有信心,亦反映阿里現金流生產能力強勁。該行認為公司聚焦於多App策略較審慎,因為行業隨著消費者改變,正逐步轉向去中心化的模式。花旗將阿里目標價由297元降至288元,維持「買入」評級,相信公司可再一次證明,其經營經驗可助應對趨緊的監管環境和行業增長減慢的影響。 該行指出,新投資的效能指標主要在於用戶、訂單增長、用戶體驗及派送率等,而在社區團購方面進展亦穩健,社區商業平台的GMV和GFA(分撥中心建面)分別按季升200%及260%,餓了麼及Lazada訂單分別按年增逾50%及90%,管理層指出其投資策略由單一應用轉向多App策略,並期望透過新App逐步增大用戶基礎及收入。 另外,管理層歡迎潛在跨平台開放及加強連接,認為對減低商戶經營成本有正面效果,並可改善用戶體驗,阿里重申公司遵守內地私隱規例不會利用數據或演算令廣告變現最大化。(el/u) ~
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