《大行報告》摩通:阿里-SW(09988.HK)首財季利潤勝預期 受惠成本優化
摩根大通發表報告,阿里-SW(09988.HK)首財季利潤勝預期,相信在未來幾個季度,成本優化將繼續發揮更重要的作用,預計股價將對這些結果作出積極反應。
報告指出,阿里成本優化推動利潤上升,大量業務如淘寶特價版(Taobao Deals)、淘菜菜、國際電子商務、本地服務、菜鳥網絡等)按季虧損收窄,反映集團正向更有財務紀律和成本意識的方向過渡。
摩通預計,阿里股價上行空間將由市場上調對其盈測所驅動,當盈利在6至12個月內恢復至20%以上的增長速度時,股價驅動力將轉為估值擴張(multiple expansion),並重申「增持」評級,目標價135元。
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