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《大行報告》摩通:阿里(09988.HK)上季經調整股盈高預期13% 成本節約及利潤率前景成股價驅動
阿里巴巴(BABA.US)公布季績後昨晚股價抽升14.8%。摩根大通發表報告表示,阿里巴巴-SW(09988.HK)2022財年第四財季收入略優於市場及該行預期,指其經調整每股盈利較市場及該行原預期各高出12%及13%﹐主要是新投資業務成本優化。 公司期內電商收入與去年同期持平,該行認為,投資者普遍預期阿里巴巴2022財年第四財季電子商務和2023財年收入前景疲軟,因此成本節約舉措和利潤率前景將成為未來幾個季度更重要的股價驅動因素。由於宏觀不確定性,阿里巴巴沒有提供2023財年的收入指引。 摩根大通指﹐內地部地區因疫情「封城」措施期間消費疲軟可能導致公司盈利下行風險。然而,該行對該股的看法更加樂觀,因為電子商務是疫情下週期的垂直行業之一;第二是市場在克服疫情並開始上調盈利預測,電子商務股可享股價驅動因素;第三是阿里巴巴的股價為中國電子商務領域的市盈率估值水平最低,且其於2022年利潤率提升潛力最大,故料公司股價較同業擁有更大上行空間。該行維持阿里巴巴「增持」評級及目標價130港元。(wl/s) ~
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