《大行報告》大摩降阿里(BABA.US)評級至「與大市同步」 下調京東(JD.US)目標價至30美元
大摩發表報告指,拼多多(PDD.US)是其中國電子商務領域首選,認為低價策略看似簡單卻不容易,拼多多在低價領域的先發優勢將令其他電子商務平台在追趕時面臨巨大挑戰。
大摩將阿里(BABA.US)評級由「增持」降至「與大市同步」,目標價由110美元下調至90美元。該行指,之前對阿里巴巴持「增持」睇法的前提是其核心業務出現根本性轉變,因重組將釋放股東價值,以及資本管理潛力巨大。但由於近期的事態發展,該行對上述各項都變得更加謹慎。
具體而言,大摩目前認為由於內地宏觀經濟和消費復甦放緩,中國零售商業客戶管理和雲業務要出現好轉的時間較慢;叫停阿里雲分拆為重組釋放價值帶來不確定性;由於持續的回購同股息已反映在股價,在無分拆阿里雲情況下,缺乏資本管理催化劑。
大摩同時亦都下調京東(JD.US)目標價,由33美元降至30美元,維持「與大市同步」評級。該行認為京東很難成功採取「低價」戰略,而拼多多和抖音在電子產品和家電品類進取地擴張,可能導致京東明年及打後的商品成交額同收入增長,以至利潤率都面臨壓力。
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