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《大行報告》摩通降阿里-SW(09988.HK)目標價至100元 財務前景續低迷
摩根大通發表報告指,阿里-SW(09988.HK)截至去年12月底止2024財年第三財季盈利增長乏力,反映專注於核心業務,不強調或貨幣化非核心業務的新戰略表現。隨著阿里繼續執行新戰略,未來幾季財務前景料續低迷,類似的盈利增長乏力情況料將持續。另外,阿里宣布股票回購計劃加碼250億美元,清晰的股東收益(Shareholder Yield)前景將為股價下行提供保護。 摩通預計,阿里將在2024財年向股東回饋約120億美元,其中約80%為回購,20%為股息。擴大回購規模後,阿里在未來三個財年的股票回購計劃中將有353億美元的可用資金,平均每個財年回購118億美元。假設阿里巴巴在未來三個財年每年派息總額穩定在25億美元,按照目前市值計算,阿里股東的年收益率將達到7%。鑒於美國10年期國債利率為4.5%,該行認為股東高收益率前景為阿里股價提供支持。該行予阿里「增持」評級,H股目標價由105元降至100元。
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