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《大行報告》瑞銀下調阿里-SW(09988.HK)目標價至108元 評級「買入」
瑞銀發表報告指,阿里巴巴-SW(09988.HK)在業績電話會議上多次強調,淘寶/天貓、阿里國際數字商業集團和雲計算將持續投入以改善用戶體驗及擴展新產品和地區。該行期待阿里的其他業務在未來幾個月亦會向投資者展示類似信息。 該行指,考慮到投資者需時觀察用戶增長和市場份額,因此將阿里目標價由128港元下調至108港元,此按現金流折現率作估值,但由於較低估值,維持「買入」評級。 瑞銀表示,將阿里巴巴2024和2025財政年度收入預測分別略微降低0.8%和1%。EBITA預測分別調低2.7%和6.1%,至增長8.9%和8.7%,以反映三年計劃內早期階段有更多投資。
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