《大行報告》瑞銀下調阿裏(09988.HK)目標價至229元 評級「買入」
瑞銀髮表研究報告指,雖然現時投資者更關注近期宏觀經濟風險,但該行認爲阿裏巴巴(09988.HK)對ESG的承諾或具有更大的長期影響。
報告指出,阿裏於9月初宣佈將在五年內投資1,000億元人民幣用於推動共同富裕,指出阿裏在當前監管週期之外的ESG取態出現真正的轉變,相信是中國互聯網甚至全球範圍的轉折點,認爲隨着時間推移,在監管、社會、投資者等方面的壓力下,企業將不得不加強關注所有市場持份者的利益。
瑞銀將阿裏至9月底止次財季客戶管理收入(CMR)業務的增長幅度預測由14.3%下調至9.3%,由於高利潤的CMR業務增長放緩,相應將整體及核心商務EBITA預測下調至344億及386億元人民幣;並預期CMR增長減慢及ESG投資增加,將未來幾年盈利增長幅度預測削減3%至6%,目標價由253元降至229元,評級「買入」。
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