《大行報告》摩通降阿里(09988.HK)目標價至105元 下調盈測
摩根大通發表報告指出,阿里(09988.HK)新領導吳泳銘上任後採用更爲尖銳的策略,包括加大集團對核心業務的投資,如技術驅動的互聯網平臺業務、AI驅動的科技業務,以及全球化的商業網絡;不再強調非核心業務,透過變現及其它資本化方式實現資產價值。
該行認爲,阿里收入增長疲弱,尤其是客戶管理收入(CMR)方面,將對短期投資情緒及股價帶來負面影響。但公司關鍵營運指標(如天貓/淘寶商品成交額(GMV)增長、雲業務毛利及國際電商收入增長)的改善,表明令人鼓舞的基本性改善情況。而公司對股東回報的承諾應可爲股價下行提供支持。
此外,該行將阿里今明兩年的經調整每股盈利預測各下調3%及7%,以反映公司的客戶管理收入下降,以及國際電商業務虧損擴大,但部分被雲業務毛利預測提高所抵銷。另重申對其「增持」評級,H股目標價由120元下調至105元。阿里(BABA.US)目標價由125美元下調至110美元。
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