《大行報告》大和下調阿裏-SW(09988.HK)目標價至127元 評級「買入」
大和本月上旬發表報告,指宏觀經濟放緩、以及阿裏-SW(09988.HK)追求高質量增長或反映於近期雲收入增長放緩上,同時,該行注意到集團的戰略重點放在非互聯網和製造業客戶上,並透過擴展產品,以支持雲計算的長期增長。
該行表示,料集團在2024年至2025年的雲收入呈中雙位數(介乎約13%至18%)增長,並料雲端業務在截至9月底止2023財年次財季呈按年2%的增長,主要是受到於近期顧客對IT預算中斷及高基數的影響;該行料阿裏雲未來將重拾收入上升勢頭,將在2024及2025財年收入分別按年增12%及16%,高於2023財年的9%預測增幅。
該行表示,稍微調整集團在2023年至2025年的收入及盈利預測,並視防疫措施早於預期放寬及IT預算正復甦,爲近期提高雲收入的催化劑,同時將阿裏H股目標價由130元下調至127元,重申其評級爲「買入」。
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