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《大行報告》法巴下調阿里巴巴(09988.HK)目標價至91元 評級「買入」
法巴發表報告指出,偏好阿里巴巴(09988.HK)擴大回購規模,至2027年3月底可用於回購資金達353億美元,相對於截至上周三(7日)公司市值的18%。儘管公司承諾未來三個財年每年至少減少3%的流通股,但由於現金和流動資產投資佔其市值的44%,該行期望阿里的股份回購速度更快及規模更大。 該行提及,雖然同意阿里強調推動國內和國際電商業務以及雲業務的市場份額增長,惟該行認為這將侵蝕毛利。此外,公司致力於未來幾年出售非核心資產,以將投資資本回報率提高至雙位數,這較該行預期的還要長時間,因為在市場疲弱下較難出售資產。 該行下調阿里目標價至91元,評級「買入」,同時對其10年收入年均複合增長率由6%下調至4%,並將經調整EBITA增長由4%削至3%,以反映行業競爭激烈、零售銷售復甦慢於預期,以及內地通縮風險。
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