《大行報告》匯豐研究下調阿里(09988.HK)目標價至221元 評級「買入」
匯豐研究發表研究報告指,阿里巴巴(09988.HK)預計將在11月公布9月底止季度業績,預測收入將按年增長31%至2,030億元人民幣,調整後EBITA估計按年下跌30%。
該行估計,天貓實體商品GMV將按年增長 8%,而核心電商業務的客戶管理收入(CMR)則預期下降7%,主要由於在宏觀經濟環境疲軟及疫情零星爆發的情況下,消費呈放緩狀況,加上各地電力短缺,預期9月零售市場疲軟,估計基於市場表現的核心商務收入增長將減慢至7%。
匯豐研究預期,在頂級客戶國際業務流失下,雲收入增長將放緩至26%,而菜鳥收入增長亦由於歐盟新增值稅措施影響,或放緩至30%。該行並將2022至2023財年非國際會計準則下的淨利潤預測下調4%及5%,目標價由244元降至221元,維持「買入」評級。
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