《大行報告》花旗:阿里(09988.HK)季績好壞參半 市場或憂中國零售商業客戶管理遜預期
花旗發表報告表示,阿里巴巴-SW(09988.HK)公布2023財年第二財季(截至今年9月底止財季)業績好懷參半,收入錄2,072億元人民幣,按年升3%符合預期,但略低於市場原預期2,089億元人民幣,旗下中國零售業收入按年跌1%至1,312億元人民幣,較該行預期低2.6%。
該行指,阿里巴巴以非公認會計準則普通股股東淨利潤按年升13%,較該行及市場原預期高出分別4%及17%,主要受毛利率改善推動。
花旗表示,初步看阿里收入符合預期、非公認會計準則淨利潤優預期、經調整EBITA 符合普遍預期,旗下中國零售商業客戶管理(CMR)下滑7%,該行原預期僅跌3%,或遜於市場預期,總體而言,中國商業業務增長弱於預期。
花旗指,阿里巴巴於上財季以約21億美元回購股份,董事會公布股份回購計劃將再加碼150億美元,有效期延長至2025財年底。該行預計阿里股價或有潛在下行壓力,因一些投資者可能會擔心中國零售商業客戶管理弱於預期。該行維持阿里(BABA.US)美股「買入」評級及目標價146美元。
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