《大行》花旗料阿里(09988.HK)2026財年首季EBITA按年跌15% 降目標價至144元
花旗發表研究報告指,隨著消費者行為轉變,阿里-W(09988.HK)(BABA.US)將餓了麼和飛豬合併為中國電商事業群,並加強促銷補貼以推動交叉銷售協同效應。該行預計阿里6月底止2026財年首季的集團EBITA/淘天集團EBITA將分別按年倒退15%和18%,而明年3月底止2026財年則分別倒退11%及18%。
該行將阿里H股和美股目標價分別下調至144港元和148美元,維持「買入」評級,開展30日短期負面觀察。該行表示,阿里的估值需求不高,但由於競爭可能持續,且持續投資開支或進一步拖累其盈利前景,除非人工智能或雲端技術帶來估值重評機會,否則短期股價或會受到牽制。
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