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《大行報告》瑞信下調阿里(09988.HK)目標價至170元 評級「跑贏大市」
阿思達克 01-10 11:24
瑞信發表研究報告指,疫情下內地消費放緩,加上雲計算業務表現遜預期,預期阿里(09988.HK)第三財季核心業務客戶管理收入將按年跌1%,整體收入料增長 10%,達到約2,430 億元人民幣。 該行預期,期內經調整EBITA將按年跌30%,主要由於收入結構更傾向於低利潤率細分市場,以及阿里加大投資所致,預期新業務虧損將從第二財季的約180億元人民幣增至208億元人民幣。 瑞信表示,將重點關注直播電商行業發展,指出內地直播帶貨KOL薇婭逃稅事件後,行業情況有待觀望;同時關注集團近期宣布組織變動後運營效益如何提升。雖然市場預期較低,對估值不太苛求,將為股價提供一定支持,但認為在核心電子商務及中國宏觀消費出現更多改善跡象之前,阿里需要時間才可觸發重新估值,將2022至2024財年每股盈利預測降低 1%至9%,目標價下調至170元(原本176元),維持「跑贏大市」評級。
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