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《大行報告》高盛降阿裏(09988.HK)目標價至209元 剔出確信買入名單
高盛發表研究報告,將阿裏(09988.HK)剔出確信買入名單,但仍維持「買入」評級,指出宏觀經濟放緩及競爭加劇將拖慢阿裏的短期增長趨勢。 報告指出,阿裏流量及商戶數量爆炸式增長,令今年第三季互動電商GMV按年增長50%,整體電商GMV亦按年增長40%,但零售消費放緩加上競爭激烈的大環境下,阿裏一直在加大投資以獲取新及留住商戶,因此預期2022年第三至第四財季撇除高鑫零售(06808.HK)的收入增長將放緩至13%及16%。 高盛將阿裏2022至2024財年收入預測分別下調3%、4%及5%;其中客戶管理業務收入預測下調5%、9%及11%,至按年增長6%、14%及14%,主要由於預期變現率較低。基於經營槓桿較低及收入增長放緩,該行將阿裏2022至2024財年經調整EBITA預測下調19%、18%及17%,並將非國際會計準則下每股盈利預測削減14%、18%及18%,H股目標價由245元下調至209元。
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