《大行報告》野村降阿里(BABA.US)目標價至117美元 料上季GMV改善CMR落後
野村發表研究報告,預測阿里巴巴-SW(09988.HK)(BABA.US)截至去年12月底止第三財季淘天集團GMV將按年增長3%,扭轉上季跌勢,主要是受到淘寶業務復甦,同時集團加強對淘寶內容生態系統和中小商戶投入,令淘寶網GMV貢獻提升所帶動。
惟野村提醒,由於淘寶並不會向商家收取任何佣金,因此預期第三財季整體佣金抽成可能會隨之下降。至於零售商業客戶管理(CMR),該行預測業務收入按年持平,達到913億元人民幣,低於市場預期。野村重申對阿里巴巴(BABA.US)的「買入」評級,目標價由134美元降至117美元。
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