《大行報告》美銀證券降阿里(09988.HK)至198元 市場已預期宏觀經濟疲軟影響
美銀證券發表報告表示,重申對阿里巴巴(09988.HK)「買入」投資評級,下調對其目標價由204元降至198元,此按綜合方式作估值,反映按市值計入其所持上市公司資產。
該行指,有跡象顯示阿里巴巴自去年下半年以來旗下淘寶/天貓上的商家不同產品的銷售業績持續不平衡,從中國整體零售銷售數據顯示,去年下半年的服裝銷售額下降,在線服裝銷售仍於去年實現了正增長,但自去年下半年呈放緩趨勢。
美銀證券指,由於內地電子商務已經佔實體零售總額的25-30%、阿里等大型網絡平台越來越受宏觀影響消費趨勢影響。阿里藉龐大的商店基礎而聞名,因此可能會受到近期消費疲軟的更大影響。2022年阿里預算,交易型商家的績效廣告需求較規模小的賣家會明顯變慢。
該行下調對阿里巴巴2022年每股盈利預測由2.99元降至2.95元人民幣,2023年每股盈利預測亦由1.41元降至1.3元人民幣。
美銀證券指近期宏觀經濟疲軟已為市場所知,預計在內地政府刺激措施的推動下,今年下半年消費可呈復甦。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.