《大行》高盛上調阿里巴巴(09988.HK)目標價至158元 雲業務收入增速超預期
高盛發表報告表示,市場對阿里巴巴(BABA.US)(09988.HK)業績的正面反應主要基於雲業務收入超預期加速增長,以及儘管受外國芯片限制,季度資本支出仍創新高。認爲有關因素重新點燃雲業務複合增長潛力的市場預期。
該行對阿里雲估值上調至843.11億美元,因其作爲中國最大雲超大規模營運商的可見性增強。公司關於未來數月大幅改善食品配送與快商業單位經濟效益的評論,以及對現財年剩餘季度保持客戶管理收入增長的信心,有助於解決投資者對公司快商業投資強度及紀律性的關注和擔憂。
該行料阿里巴巴即時零售現季度虧損310億元人民幣,阿里巴巴食品配送及快商業市佔最終將穩定在40%,並解決投資者關於單位經濟改善路徑、交叉銷售以及潛在內部競爭的關鍵問題。該行對阿里巴巴現財年起三個財年的經調整淨利潤預測調整負9%至正2%,基於即時零售虧損擴大,部分被國際電商業務更快復甦抵消,對阿里巴巴目標價由142港元上調至158港元,評級「買入」,此按綜合方式作伎值。
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