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《大行報告》花旗下調阿里-SW(09988.HK)目標價至154元 指宏觀不明朗阻礙復甦步伐
花旗發表研報指,在成本控制措施下,淘特、淘菜菜、盒馬和本地服務的虧損收窄,令阿里-SW(09988.HK)截至6月底止首財季收入及非通用會計準則利潤分別較市場預期高0.8%及8%。 管理層透露7月經營情況按月進一步改善,但由於宏觀不明朗因素仍存在,消費支出意願減弱,阻礙復甦步伐,因此對下半年復甦步伐看法較為審慎,未來將新能源、元宇宙及自主技術等新興投資機遇納入到雲端、商業及物流等核心業務發展範圍中。考慮到現金流強勁及估值具吸引力,花旗維持阿里H股「買入」評級,目標價由167元降至154元。 基於首財季及7月份經營表現,該行將阿里2023至2025財年收入預測下調1.2%、2.1%及2.7%;另上調2023財年非通用會計準則利潤預測0.5%,並將2024至2025財年預測分別下調2.9%及2.6%。該行預計2023財年收入將按年增長4.2%至8,890億元人民幣,經調整EBITA料增長2%至1,334億元人民幣。
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