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《大行報告》麥格理微降阿里-SW(09988.HK)目標價至159.9元 評級「跑贏大市」
麥格理發表報告指,阿里巴巴-SW(09988.HK)去年第四季業績表現強勁,經調整盈利分別高於該行及市場預期分別3%及19%。而管理層繼續致力於其三大支柱策略,為消費、雲計算和全球化的更長期增長前景定下正面基調。 該行預期,集團核心廣告與商品交易額(GMV)的增長差距最終將縮小,主要是受惠於今年農曆新年後,消費者對非必需品和物流網絡復甦的信心增強,估計阿里今年第一季客戶管理收入(CMR)將按年下降2%,而GMV則料跌3%。 麥格理微降阿里股份目標價,由161.6元下調至159.9元,維持「跑贏大市」評級,並調低集團2023及2024財年收入預測1%及2%,反映農曆新年線上銷售疲弱,至於非通用會計準則(non-GAAP)的EBITA亦各降低2%。
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