《大行報告》瑞銀降阿里巴巴(09988.HK)目標價至136元 但指風險回報吸引
瑞銀發表報告表示,基於新冠疫情、監管及宏觀經濟所來帶來挑戰,決定下調對阿里巴巴(09988.HK)(BABA.US)2022財年第四財季(即截至2022年3月底止財季)及2023財年預測,但考慮到集團聚焦提升低線城市、社區團購等業務效率,仍然預期今年成本減少。隨著內地消費今年稍後時間復甦,料阿里收入及盈利增長會加速。考慮到阿里目前估值僅預測今明兩年市盈率各10倍及9倍,按其2023財年至2025財年EBIT增長達13%計,認為其風險與回報吸引。
該行重申對阿里巴巴(BABA.US)「買入」投資評級,將目標價由150美元降至140美元,相當於預測2023財年及2024財年預測市盈率各13倍及12倍,亦相當於對阿里巴巴(09988.HK)的目標價136港元(此前予其146港元)。
瑞銀下調阿里巴巴2022財年第四財季(即截至2022年3月底止財季)收入預測1.9%至2,002億人民幣(相當於按年升6.8%),降阿里巴巴2023財年收入預測3.5%至9,444億人民幣(相當於按年升11.2%),並下調對阿里2022財年第四財季經調整EBITA預測15.3%,並降其2023財年經調整EBITA預測13.4%。
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