《大行報告》摩通:阿里(09988.HK)四業務分拆與集資及上市時間表清晰 利好股價
摩通發表研究報告指出,阿里(09988.HK)宣布分拆雲智能、菜鳥及盒馬鮮生,並對阿里國際數字商業集團啟動外部融資,公司集資及上市時間表清晰,為市場帶來驚喜,利好股價。
該行認為,從三到五年的角度來看,阿里在內地電商市場份額流失仍是一個關鍵的基本面問題,但認為投資者低估公司非核心業務的盈利潛力。如以五年角度而言,該行預期阿里非核心業務將推動集團收入增長,料公司收入的年均複合增長率達10%,盈利年均複合增長率達15%。
此外,該行相信阿里重組對其中長期的業務基本面和股價產生重大影響,認為公司長期增長前景具吸引力。對其H股目標價135元,評級「增持」。
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