《大行報告》交銀國際下調阿里(09988.HK)目標價至104元 料上季CMR增速或降至1%
交銀國際發表報告,預計阿里巴巴-SW(09988.HK)第三財季收入按年增5%至2,608億元人民幣,調整後EBITA達527億元人民幣,按年增1%,利潤率20%。
至於淘天業務方面,該行預計第三財季商品交易總額(GMV)增速按年轉正,客戶管理(CMR)收入按年增1%,主要由於價格力戰略下淘寶GMV佔比上升,佣金承壓。該行預計,未來幾個季度CMR收入增長仍承壓,2024財年及2025財年增速分別4%及3%。
該行預計,國際業務繼續投入,虧損率擴大至9%,淘天利潤率按年基本持平於47%,本地生活虧損收窄,雲業務利潤率按年提升至5%。
交銀國際表示,將公司在2024及2025財年收入預測分別1%及2%增長,其EBITA利潤則分別下調6%及7%,該行將其目標價由113元下調至104元,維持其評級為「買入」。(ca/w)
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