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《大行報告》富瑞下調阿里-SW(09988.HK)目標價至140元 因美出口管制放棄分拆雲智能
富瑞發表報告指,阿里巴巴-SW(09988.HK)截至9月底止季度收入按年增長9%,至2,248億元人民幣,符合市場預期、較該行預期高出2%,因應美國出口管制,不再推進雲智能分拆工作。公司提出AI支援的三年計劃,長遠計劃完整,維持「買入」評級,目標價由181元下調至140元,以反映控股折讓估值轉變。 該行指,阿里有多重增長推動力,核心平台業務屬強勁「現金牛」,在內地消費升級下,保持增長趨勢,亦受惠穩定的執行能力及科技優勢。各生態平台高度協同,有助加快在低端城市拓展,提供本地服務。雲業務亦具有清晰的市場領導地位。
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