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《大行報告》野村:阿里(BABA.US)首財季盈利勝預期 業務正在復甦
野村發表評級報告指,阿里(BABA.US)在2023財年首季盈利表現強勁,調整後息稅及攤銷前淨利潤(EBITA)錄340億元人民幣,按年跌18%,仍較該行預期高出12%,盈利增長主因集團由年初至今致力削減成本,以致淘寶特價版、Lazada、餓了麼和優酷等部分孵化業務的虧損按年收窄;管理層表示,將會繼續執行相關成本優化戰略。 該行表示,其內地電子商務收入按年跌10%,優於該行預測按年跌12%,主要受惠於淘寶及天貓付費的商品交易總額(GMV);該行指,該業務於4、5月受封城嚴重影響,管理層料將於6月開始恢復,即使目前疫情形勢不穩定,7月份的復甦步伐較6月更為明顯。 至於2022年下半年前景,管理層表明消費需求仍然疲弱,可能需要更長的時間才能完全恢復。該行表示,集團業績表現為整個行業次季表現提供一個好的參考,即使內地互聯網公司收入增長或放緩,料他們表現仍有機會是符合預期或呈更高的利潤率。 該行維持其美股目標價145美元,以及其評級為「買入」。
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