《大行報告》大摩料阿裏(09988.HK)首財季經調整EBITA 282億人民幣 勝預期
摩根士丹利發表評級報告,預料阿裏(09988.HK)今年總收入爲2,020億元人民幣,按年跌2%,低於市場預期的1.6%,主要受到菜鳥、數字媒體和國際市場等表現下滑的影響,並預測調整後EBITA爲282億元人民幣,按年跌32.3%,高於市場預期的3.6%。
該行表示,阿裏4月GMV按年跌幅介乎13%至15%,料受惠於早前618促銷活動,其GMV表現於5月會有所改善,2023財年首季GMV則按年跌9%;由於封城措施影響物流運輸,該行預計雲服務增長於2022財年第四季放緩,2023財年首季雲服務收入則按年增8%。
該行認爲,從疫情中恢復軌跡可見度低,惟隨着需求逐步恢復及阿裏的成本優化,料自2023財年起,調整後EBITA將維持健康增長,並維持其目標價爲140美元,及其評級爲「跑贏大市」。(ca/k)
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