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《大行報告》摩通:阿里(09988.HK)管理層變動 對企業管治及阿里雲增長潛力正面
摩根大通發表報告解讀阿里(09988.HK)管理層變動,給予目標價135元及評級「增持」。對於張勇將於9月10日起退任公司主席及首席執行官職務,全心投入阿里雲發展,該行認為張勇的角色變化是對阿里雲增長潛力的強烈個人認可,因為他的股份報酬之後將改以阿里雲的股份報酬。 該行認為,阿里巴巴目前股價反映阿里雲被投資者低估。按照該行以分部估值計算法所得出790億美元估值,阿里雲對目前阿里巴巴的股價有大約35%的增值作用,並預計阿里雲的分拆將在未來6至12個月成為阿里股價的催化劑。 由公司治理角度出發,摩通認為管理層變動是一個積極的舉措,因為在公告前張勇是阿里和阿里雲董事長兼CEO。一旦阿里雲成為獨立公司,可能會造成潛在的利益衝突。 對於執行副主席蔡崇信將接替張勇,出任阿里主席。以及淘天集團董事長吳泳銘,將接替張勇出任首席執行官。摩通預計,蔡崇信未來可能在資本管理方面發揮更多作用,他的角色可能會更側重於集團層面的戰略審查和資源分配。至於吳泳銘則可能會更關注內部協調和為集團尋找新的增長機會,加上他有很強的技術背景,將有助阿里在新興技術領域找到新的增長點。
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