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《大行》花旗下調阿里(09988.HK)EBITA預測 開展30日短期負面觀察
阿思達克 07-11 09:54
花旗發表研究報告,阿里巴巴(09988.HK)(BABA.US)將於下月公布2026財年首季業績,由於戰略性合併餓了麼與飛豬至中國電商業務,並加大補貼力度以推動交叉銷售協同效應,集團整體及淘天集團(TTG)EBITA將分別按年下跌15%及18%。 花旗指,隨著消費者轉向要求更廣泛品類的快速配送服務,加上線上線下零售融合,即時零售及快商務已成為電商平台爭奪核心市佔率的關鍵戰場。考慮到阿里在未來12個月潛在投資規模達到500億元人民幣,花旗下調淘天集團及整體EBITA預測,目前預計2026財年淘天及整體EBITA將分別按年下降18%及11%。 相應地該行將阿里目標價下調至144元,維持「買入」評級,開展30日短期負面觀察,預期持續的市場競爭及投資將進一步壓制盈利前景,除非AI及雲業務出現重估,否則股價短期或受壓。
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