《大行報告》大摩料阿里-SW(09988.HK)第二財季經調整EBITA按年增14% 重申行業首選
摩根士丹利發表報告,預期阿里巴巴-SW(09988.HK)(BABA.US)第二財季客戶管理收入(CMR)按年增長2%至3%,經調整EBITDA按年升14%,主要受惠經營效率改善,維持為行業首選,認為公司資本管理強勁,現價相當於2024財年預測市盈率9倍,屬吸引水平,評級「增持」,美股目標價150美元。
該行預期阿里第二財季收入2,230億元人民幣,按年增長7.8%,雖然CMR及本地客戶服務受宏觀經濟影響,但部分不利因素被國際收入強勁所抵銷,相信現價已反映宏觀經濟對商品交易總額(GMV)的影響,加上消費氣氛逐漸改善,因此估計CMR增長2%至3%,淘寶及天貓收入增長3.4%。
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