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《大行報告》野村降阿里(BABA.US)目標價至136美元 全面分拆阿里雲令市場疑惑
野村發表研究報告,下調對阿里(BABA.US)美國預託證券目標價,由138美元降至136美元,維持「買入」評級。 該行指,阿里宣布多項透過旗下新成立分支集資計劃,最大意外為全面分拆阿里雲。公司計劃透過配售為阿里雲引入戰略投資者,其後與阿里分開上市。根據計劃,阿里將把餘下阿里雲股權向股東分派,該行認為做法大膽及令人疑惑,阿里投資者欣賞管理主動提升投資者回報,按對阿里雲的290億美元估值,潛在分派意味股息率達具吸引力的13%。但阿里雲被視為公司長期業務動力,公司決定不保留部分股權做法令人疑惑。 該行維持對阿里現財年收入預測不變,但下調現財年除息稅及攤銷前溢利(EBITA)預測9%,反映電商投資潛在增加。該行指,管理層淡化市場對阿里未來數季毛交易總額預期,並在業績電話會議中提出集中改善用戶規模及參與,及強化旗艦淘寶應用程式的內容提供。該行預測現財年阿里中國商業部分EBITA利潤率按年跌2個百分點至29%。
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