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大行評級|高盛:料淘天集團調整商家政策對下半財年EBITA提升4%至14% 予阿里“買入”評級
高盛發表研究報吿指,阿里巴巴旗下淘天集團早前宣佈一系列商家經營政策調整,相信該等調整或會對淘天2025下半財年的提成率(take rate)產生0.1至0.4個百分點的積極影響,並使淘天集團EBITA提升4至14%。該行認為,阿里亦有可能在軟件服務費機制中進一步開放微信支付選項。高盛預測阿里即將公佈的6月底止首財季業績中,淘天GMV增長料中至高單位數,淘天CMR(客户管理收入)料增長1%。該行相信,本年迄今的GMV增長將重新加快,其增長調整及策略表明集團發展的核心業務已步入正軌。該行予阿里“買入”評級,H股目標價104港元。
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