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《大行報告》摩通下調阿里(09988.HK)目標價至175元 評級「增持」
阿思達克 01-07 10:45
摩根大通發表研究報告指出,對中國線上零售前景看法更趨審慎,同時將阿里巴巴(09988.HK)截至去年12月底季度客戶管理收入(CMR)增長預測,由按年增長5%削減至跌2%,並料負增長情況將於截至今年6月底季度結束。 此外,該行估計阿里截至去年12月底季度的中國戰略投資將進一步增加,其後於今年3月底季度起虧損逐步收窄。 摩通預期,阿里不斷惡化的CMR前景將使股價變得脆弱,相信除了政策刺激外,市場對阿里盈測修訂為未來幾個季度主要驅動股價的因素。該行認為阿里雖然估值較低,惟短期內股價仍將受壓,維持對其「增持」評級,目標價由205元降至175元。
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