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穆迪料反垄断罚款对阿里(09988.HK)信贷影响负面 财务表现强劲等料可抵销
阿思达克 04-13 11:21
评级机构穆迪发表的报告指,4月10日内地宣布就反垄断行为向阿里巴巴(09988.HK)罚款182亿元人民币(下同),公司亦需要纠正企业行为,确保日後遵守反垄断法规,该行估计相关举措将限制公司收入增长,并抑压其利润率,在信贷层面有负面影响,同时亦相信业务行为的转变将限制阿里扩张市场份额的能力,不过预期公司财务表现强劲,加上有较好的融资渠道,有助应付波动。

该行指出,监管机构认为阿里在线上零售市场属领头企业,而公司部分行为滥用其市场地位,并透过独家条款限制竞争,估计日後有利带动阿里市场份额的营销举措将会受到监管,并限制其收入增长表现。

穆迪认为,遵守相关监管料会增加竞争,意味公司需要增加投资以维持现有的市场领导地位,而阿里管理层亦指出公司计划降低商户收费,并投资更多於新产品及服务,估计相关措施将压抑公司未来数年的利润率。

不过该行相信对信贷层面的负面影响可被公司强劲的财务表现所抵销,即使面对罚款仍有较大的缓冲空间,而罚款与公司去年2,140亿元的EBITDA及总共4,560亿元现金类资产比较也相对较少。此外公司表示会与监管机构及价值链夥伴紧密合作,作出转变并确保遵守反垄断监管要求。

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