《大行報告》美銀證券:阿里(09988.HK)提升效益可支持短期盈利 重申「買入」評級
美銀證券發表報告指,國家統計局公布今年9月線上零售銷售實體產品按年增長8.3%,行業第三季增長則為7.1%,增幅較第二季的3%擴大。該行因此估計阿里巴巴-SW(09988.HK)的本地零售市場交易總額(GMV),將由今年第二季(2023財年首季)的下跌中單位數,改善3個百分點至今年第三季((2023財年次季)的下跌2.5%。
另一方面,該行預期阿里巴巴各業務的持續成本控制,將支持其今年第三季的盈利表現。而媒體、Lazada、盒馬、雲業務和淘菜菜等舉措的毛利率,估計在第三季亦可有按年改善,指公司提升效益可支持短期盈利表現。
由於成本控制,美銀上調阿里巴巴2023財年至2025財年每股盈利預測,但對阿里巴巴目標價由153元降至144元,主要反映其公開投資的價值更新,維持「買入」評級。
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