《大行報告》德銀:阿里-SW(09988.HK)季績強勁 有初步復甦跡象
德銀發表報告,指阿里-SW(09988.HK)去年12底止第三財季季績強勁,有初步復甦跡象,收入及經調整淨利潤分別較市場預期高出1%及12%,主要由於國際商務業務強勁,以及於淘特、淘菜菜、餓了麼及國際零售等新範疇的虧損持續收窄。
展望截至今年3月底止第四財季,該行引述阿里管理層指內地核心電商業務在春節假期後有所反彈,相信於過去兩周的商品成交額有望實現按年正增長。此外,管理層指訂單取消率已回復正常,而商戶亦對恢復正常營業展現出強勁的欲望,該行認為均有助提升變現率。為應對潛在的競爭加劇,阿里管理層計劃今年增加對電商等關鍵領域的投資,另預期國際業務的強勁勢頭持續。
此外,德銀維持對阿里今明兩財年收入及盈利預測大致不變,重申對其「買入」評級,H股目標價152港元。
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