《大行報告》麥格理微降阿里-SW(09988.HK)目標價至134.6元 評級「跑贏大市」
麥格理發表研究報告指,阿里-SW(09988.HK)截至9月底止第二財季業績好壞參半,核心業務收入表現疲軟,但經調整EBITA勝市場預期16%。該行認為強勁的利潤表現反映出公司成本控制策略見效。
該行指,9月底止季度經調整後中國商業EBITA錄得正增長,按年升6.4%,超出市場預期5個百分點,主要歸因於淘特、淘菜菜及盒馬鮮生等各業務虧損大幅減少。另邊廂,與錄得低單位數跌幅的GMV相比,上季CMR按年跌7%。麥格理預計12月底第三財季經調整EBITA將按年增長8%,達到486億元人民幣。
麥格理並將阿里2023至2024財年每ADS盈測下調最多1%,H股目標價從135.6元輕微下調至134.6元,評級「跑贏大市」。
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