大和升阿里巴巴H股目標價至146港元 評級買入
大和發佈報吿稱,阿里巴巴(9988.HK)近期股價上升後,其預測未來一年市盈增長率較三年均值高出0.7個標準差,但較五年均值仍低出0.5個標準差。該行認為,阿里仍有重大估值重評空間,現估值相當於預測市盈率12.6倍,低於五年均值15.6倍。即使2025至2026財年收入增長速度將較2022財年前慢,但該行相信阿里市估將在2025財年趨穩定,並較兩至三年前更進取地釋放股東價值。此外,大和稱,公司正透過新廣吿產品及軟件服務費,加大力度推動核心CMR(客户關係管理)變現,以收窄CMR與平台總交易額(GMV)的差距,亦推動利潤率向上。如果內地財政刺激在2025年起見效,則2026年3月底止2026財年阿里盈測料有上行空間。予阿里H股目標價由98港元升至146港元,評級買入。
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