《大行報告》摩通升阿裏巴巴(09988.HK)目標價至135元 料至2024財年經調整盈利可回覆正增長升42%
阿裏巴巴-SW(09988.HK)今早股價受捧,盤中曾高見83.5元一度彈高6.7%,最新報82.55元升5.4%。摩根大通發表報告表示,重申對阿裏巴巴「增持」評級,上調對其目標價由130港元升至135港元,相當於預測2023財年綜合市盈率16倍,料其2023財年至2025財年每股經調整盈利複合增長率達22%。
該行估計阿裏2023財年每股經調整盈利按年跌9%,但料至2024財年每股經調整盈利回覆按年正增長42%,未來盈利將可復甦,該行料公司可受惠於內地消費復甦及進行成本優化。該行指雖然內地今年第四季的電子商務前景轉弱,但該行建議投資者應將眼光放遠,應更多地關注2024財年的前景,因料中國未來幾個季度重新開放的可能性很大。
摩通表示,阿裏巴巴擴大的股票回購計劃(延長至2025年3月底)增加150億美元至400億美元,顯示阿裏巴巴將在2024財年和2025財年派息比率佔經調整利佔比各達44%及36%。該行指阿裏目前估值相當預測2024財年經調整市盈率以10倍計,具有吸引力,並認爲該股具有多重擴張的潛在上行空間。
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