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《大行報告》大和下調阿里巴巴(09988.HK)目標價至147元 評級「買入」
大和發表報告表示,料阿里巴巴(09988.HK)於2023財年第四財季(截至今年3月底止季度)商品成交金額按年下降1%,因為商品成交金額由2月中旬才開始轉正。至於中國商務EBITA利潤率料將按年增長3.5個百分點至26%。 展望2024財年,該行並不太擔心京東的補貼活動可能導致阿里巴巴的營銷成本增加,相信只是營銷策略。同時認為阿里巴巴將增加對天貓和淘寶的投資,通過與品牌商和商家合作,確保產品價格與其他平台相同,從而提高其競爭力,因此認為增量營銷成本可能比一些投資者預期低,並相信2024財年可以見到用戶黏度和參與度提高。 大和將阿里巴巴2023至2025財年經調整盈利預測下調1至3%,以考慮到天貓和淘寶的更高投資。重申「買入」評級,目標價由152元調低至147元。
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