《大行報告》大摩升阿里(BABA.US)目標價至100美元 盈利復甦及致力提升股東回報
部份內地電商股今早(18日)抽高,阿里-SW(09988.HK)股價彈高5.2%報82.3元,京東-SW(09618.HK)股價揚7.2%,報225.6元。
摩根士丹利表報告表示,雖然在宏觀經濟環境下復甦路徑仍不明朗,但阿里(BABA.US)在提高效率方面的執行力,應可會繼續支持盈利復甦,該行指阿里目前相當於預測2023財年市盈率(按美股計)9倍估值吸引力。該行重申對阿里(BABA.US)美股「增持」評級,上調目標價由90美元升至100美元,相當於2024財年非公認會計準則市盈率的11.3倍及動態市率1倍,料阿里於2023至2025財年的每股經調整盈利複合增長率達9%。
該行表示阿里盈利持續復甦及致力提升股東回報,更加看好阿里在成本優化方面的執行能力,以推動高質量的盈利增長。該行亦認為在內地監管重置後,電商行業已進入一個強調質量增長而不是不惜一切代價實現增長的新階段,相信阿里可能會在短期宏觀逆風之外繼續提高整體效率。
大摩表示,阿里巴巴於第二財季累斥21億美元回購2,430萬份美國存託憑證(ADS),在10月1日至11月1日期間,又再斥約 40億美元回購。此外,公司董事會批准額外撥出150億美元(撇除當前未使用的70億美元)作回購用,並將該計劃延長至2025財年。阿里巴巴亦產生200億美元的自由現金流(FCF),支持其持續作出資本回饋。
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