富瑞:重申阿里(9988.HK)“買入”評級 予目標295港元
富瑞發研報指,阿里巴巴(9988.HK)公佈今年九月底止第二季度業績,收入符合該行估計,但低於市場預期,阿里巴巴並將2022財年收入指引修訂為20%至23%,與該行按年增長21%的預測大致一致,隨着國內消費及全球化等進程,淘寶能服務不同喜好的消費者,將目標價由336港元下調至295港元,重申評級“買入”。
該行表示,總收入按年增長29%至2007億元(人民幣,下同),符合該行預期但低於市場預期2.7%,該季度中國零售商業客户管理(CMR)在計及佣金的情況下,收入按年增長3%,雲計算按年增長33%至200億元,經調整EBITDA按年下降27%至348億元,稍高於該行預測的346億元。經調整後EBITDA利潤率按年下降約14個百分點至17%。非通用會計準則的歸屬於股東淨利潤達到305億元,高於市場普遍預期及該行預期。
該行認為,市場把12月及3月的季度逆境考慮在內,把2022財年收入增長預測維持在21%,由於阿里巴巴為未來投資了多項新業務,估計2022財年經調整EBITDA約1500億元,亦指管理層在電話會議中提及,阿里巴巴持續投資國內消費、全球化和雲計算三大戰略支柱,新業務取得穩步進展,而CMR放緩主要是由於商品交易總額(GMV)走軟以及對商家的支持和補貼的增加。

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