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《大行報告》摩通:阿里(09988.HK)頻繁換帥不受市場歡迎 短期股價難以樂觀
摩通就阿里(09988.HK)高級管理層改組發表報告,認為對近期股價而言可能是令人失望的事件(non-event),頻繁換帥並不受市場歡迎,短期股價難以樂觀。 該行認為,吳泳銘自就任阿里集團首席執行官以來,已經完成檢視淘寶天貓集團業務戰略和業績。其兼任淘寶天貓集團CEO表明淘寶天貓集團的業績未有達到他的預期,但相信未來淘寶天貓集團的主要戰略將大致不變,因為吳泳銘自5月以來一直擔任該集團董事長,是主要決策者。 報告指,成立資產管理公司預示著阿里潛在加快非核心資產貨幣化或處置。該行認為阿里擁有的線下零售資產,如高鑫零售(06808.HK)、銀泰商業、蘇寧、紅星美凱龍(01528.HK)、聯華超市(00980.HK)等可能會被貨幣化或出售。截至今年12月20日,阿里持有的這些線下零售資產的市值總計達20億美元。 該行料此舉帶來的財務影響包括以降低未來收入為代價,提高投入資本回報率;提高利潤率;不太可能顯著增加利潤;收回現金。該行認為,有了更多現金,阿里可能會提高對股東的資本回報,例如回購和派息。該行給予阿里「增持」評級,目標價120元。
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