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《大行報告》瑞銀下調阿里(BABA.US)目標價至120美元 評級「買入」
瑞銀發表研究報告指,阿里巴巴(09988.HK)(BABA.US)第二財季業績表現符合預期,管理層在電話會議中重點強調將專注於業務增長,包括加強提升經營業務的投資回報率。 阿里美股股價在業績公布後下跌約一成,瑞銀預期是由於美國證交所披露馬雲家族信託旗下公司擬售出阿里持股,被市場解讀為負面消息,在估值低迷的情況下售股相信會打擊市場情緒。 該行又指,投資者期望與管理層發展方向可能存在差距,集團在強調增長的同時,雲智能集團的全面分拆遭叫停,可能會引發市場對未來股東回報的擔憂,預期投資者需要時間消化阿里發展戰略的轉變。 基於最新業績表現,瑞銀將阿里2023至2025年經調整EBITA預測下調3%至5%,美股目標價降至120美元,維持「買入」評級。
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