《大行報告》交銀國際料阿里(09988.HK)首財季收入按年升12% 電商優於預期
交銀國際發表報告,預計阿里巴巴-SW(09988.HK)首財季收入按年增12%至2,309億元人民幣,好於市場預期的增長8%至2,223億元。經調整EBITA料按年增長27%至436億,利潤率料為19%,按年提升2個百分點。
該行預計,首季電商商品成交額GMV和客戶管理CMR收入按年增7%,而早前預期為5%。同時預計本地生活收入增30%。至於餓了麼UE持續改善,虧損收窄幅度好於市場預期。而菜鳥收入料按年增27%,利潤即將轉正。菜鳥速遞整合丹鳥網絡衍生至外部客戶,預計投入可控。雲收入預計按年增7%,對比上季度降2%有所恢復,利潤率穩定。
交銀國際預計,阿里今年電商GMV增3%,CMR增7%,淘天內容或用戶投入初見成效。1+6+N 戰略繼續推進,各業務價值將逐步顯現,維持124港元目標價,現價對應中國商業2024年僅8倍市盈率,估值處於低位,維持「買入」。
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.