《大行報告》匯豐研究微降阿里-SW(09988.HK)目標價至115元 再投資增加拖累盈利能力前景
匯豐研究發表報告指,阿里-SW(09988.HK)管理層重申,未來幾季再投資於本地電商及海外擴張的策略,或會拖累盈利能力前景,雖然該行上調雲業務及菜鳥的預測,但2024至2026年度的整體盈利預測,仍然下調1%至4%。股東回報仍然是投資者關注的重點,公司計劃至2027年3月加碼250億美元回購,去年度透過回購及派息,向股東回饋135億美元,該行估計將會維持相若水平,若果減持投資的進程加快,回饋金額可能提升。
該行將阿里目標價由116元下調至115元,維持「買入」評級,認為其估值不算高,未來可能推動評級重估的因素,包括本地電商表現及減持投資的進展。
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