《大行報告》招商證券下調阿里(BABA.US)目標價至140美元 評級「買入」
招商證券發表研究報告指出,阿里巴巴-SW(09988.HK)披露「1+6+N」改革後,該行預期公司6月底止首財季收入按年增長8%至2,222億元人民幣,相對於3月止財季增長2%;中國電商業務收入增長5%,相對於3月止財季跌3%,主要受惠消費復甦和公司持續努力改善用戶體驗所推動;國際電商業務收入維持穩健,料按年增長24%,相對於3月止財季增長29%;菜鳥收入按年增長20%;雲業務收入增長3%。
該行認為,內地對螞蟻集團罰款,可視為嚴格監管階段的結束。此外,該行指互聯網行業的估值處於歷史低位,該行對下半年消費復甦勢頭持正面看法,相信宏觀因素對於估值改善與監管環境放寬將利好互聯網行業。當中該行首選騰訊(00700.HK)、美團(03690.HK)及京東(JD.US),維持對阿里(BABA.US)的「買入」評級,目標價由142美元降至140美元,認為阿里估值回升有助於分拆和外部融資活動,並釋放市場估值。
招商證券發表報告,對中資科網股最新評級及目標價表列如下:
股份|評級|目標價(港元)
騰訊|買入|426元
金山軟件(03888.HK)|買入|39元
青瓷遊戲(06633.HK)|買入|8.3元
創夢天地(01119.HK)|買入|4.4元
美團|買入|186元
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