《大行報告》匯豐研究料阿里(09988.HK)本季Non-GAAP淨利潤按年可回復正增長 為估值供支持
阿里巴巴-SW(09988.HK)今早股價抽上,盤中曾高見79.2元一度彈高6%,最新報78.1元升4.6%。匯豐環球研究發表報告表示,阿里巴巴將於今年11月公布2023財年第二財季(截至9月底止季度)業績,料第二財季非公認會計準則(Non-GAAP)淨利潤按年可回復正增長,料錄310.75億人民幣(按年升2%),對比2023財年首財季313.55億人民幣(按年跌31%),為估值提供支持。
該行指,重申對阿里巴巴(BABA.US)「買入」投資評級,下調目標價由145美元降至132美元,考慮了人民幣貶值(-8%)因素,但指其盈利復甦快於預期,因此上調2023/24/25年盈測0-2%。
匯豐環球研究料阿里巴巴利潤率將繼續改善:並認為其在內地商業的下行風險不大,料2023財年第二財季業受到淘特、盒馬和淘菜菜虧損進一步收窄的推動,估計季內經調整EBITA按年轉錄正增長8%(對比2023財年首財季按年跌18%)。
該行估計阿里巴巴2023財年第三財季(截至2022年12月底止季度)非公認會計準則淨利潤按年升2%至467.49億人民幣、經調整EBITA按年升14%;該行料集團2023財年第四財季(截至2023年3月底止季度)非公認會計準則淨利潤按年升28%至274.8億人民幣、經調整EBITA按年升39%。
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