《大行報告》里昂降阿里(BABA.US)目標價至125美元 股息約5厘維持「買入」評級
里昂發表報告指,阿里(BABA.US)受到經濟疲軟影響,料截至去年12月底止第三財季,總收入按年升5%至2,590億元人民幣(下同),調整後EBITA按年持平於約520億元,淘寶天貓等商品交易總額(GMV)或復甦,但客戶管理收入增長落後,基於淘寶低價產品銷售強勁。
該行指,國際零售或是另一亮點,但料雲端運算在截至去年9月底止第二財季呈溫和增長。吳泳銘現在擔任淘天集團CEO,將優先考慮用戶和技術驅動增長、以及投入更多投資,從而限制利潤率改善。該行表示,將公司在2024及2025年度的調整淨利潤預測各下調10%,並將其目標價由158美元下調至125美元,其股息約5厘,維持其評級為「買入」。
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