瑞信:上調阿里(9988.HK)目標價至173港元,維持優於“大市評級”
阿里巴巴(9988.HK)日前公佈第三財季業績,瑞信發表研究報吿,儘管阿里在過去一年估值不高,但其股價一直受到盈利反覆下調、增長放緩和新業務投資增加所拖累。如果未來幾個季度虧損收窄且盈利觸底,預料市場將重新關注其不高的5.5倍核心市盈率和強勁的現金流。考慮到新業務虧損收窄,將阿里2022-24財年的盈利預測上調4%-5%,將其港股目標價由170港元輕微上調至173港元,維持“優於大市”評級。
報吿指,期內阿里收入2426億元人民幣,按年升9.7%,符合該行預期;由於新業務的虧損略較預期好,經調整EBITA約448億元人幣也稍勝預期。報吿又預計,阿里在國內的商業利潤率將隨着新項目投資的減少而趨於穩定。管理層持續強調阿里估值被低估,並將繼續積極釋放股東價值,如斥750億美元回購和分拆某些業務。

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.