《大行報告》麥格理下調阿里-SW(09988.HK)目標價至147.1元 評級「跑贏大市」
麥格理發表研究報告指出,阿里-SW(09988.HK)截至今年3月底止第四財季業績表現強勁,總收入按年增長2%至2,080億元人民幣,大致符合市場預期。經調整EBITA按年增長60%至253億元人民幣,超過市場預期12%。公司宣布近期架構重組的一系列更新,明確其或於未來6至18個月期間分拆業務上市計劃。
該行預期,阿里2024財年的總收入增長將加速至10%。對於六月止季度,該行料阿里商業客戶管理收入按年增長5%,而商品成交額預測增長3%,經調整EBITA預測為395億元人民幣,EBITA利潤率達17.3%。
此外,該行將阿里2024及2025財年的經調整盈利預測下調7%及8%,以反映公司近期增加的投資。H股目標價由152.6元下調至147.1元,維持「跑贏大市」評級。
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