《大行報告》高盛:阿里-SW(09988.HK)重組為各業務增值 估值仍被低估
高盛發表報告指,在阿里-SW(09988.HK)重組公布後,看到潛在的積極因素,包括基於所有六間部門須自給自足,或會加快非中國商業業務利潤轉勢速度、更精簡的後端可降低總部層面的成本、並可為各業務增值,尤其是未來獨立經營的內地商業業務和阿里雲業務等。
該行相信,考慮到阿里估值仍然低迷,這些利好因素或會超過潛在的不利,主要是控股公司持續大幅折讓、以及阿里部門之間的協同效應減弱。
高盛表示,阿里重組為各業務增值,估值仍被低估;該行繼續視阿里為擁有最佳價值股票代表之一,受惠於廣告復甦、金融科技及雲計算結構性增長,並指其估值倍數的重估空間很大,尤其當其收入增長恢復,以及在2023年至25年盈利回復至雙位數增長。
該行給予其港股目標價133港元,以及維持其評級為「買入」,續列確信買入名單。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.