《大行報告》匯豐研究下調阿里(BABA.US)目標價至131美元 評級「買入」
匯豐研究發表研究報告指,阿里巴巴(09988.HK)(BABA.US)將於8月公布今年6月底止首財季業績,預計收入將按年增長9%至2,250億元人民幣,經調整EBITA料按年增長18%至405億元人民幣,經調整EBITA利潤率料升1.3個百分點至18%。
細分業務方面,該行預測核心業務中國零售商業客戶收入(CMR)按年增長7.1%,與GMV增長趨勢一致;新零售業務則預期按年增長速度加快至5%;在產品優化帶動下,雲收入料按年增長2%;本地服務收入及國際商務業務收入則預期按年增長23%及25%。
該行預期,在基數效應下CMR的增長可能於首財季見頂,但預計2024財年仍將維持正增長。該行將阿里美股目標價從140美元下調至131美元,維持2024至2026財年預測不變,並維持「買入」評級。
匯豐研究又指,注意到阿里可能剝離非盈利業務,相信將令集團在資本回報方面處於更有利的地位。
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