研報掘金|中金:維持阿里巴巴“跑贏行業”評級 目標價137港元
中金髮表報吿表示,阿里巴巴宣佈擬分拆菜鳥智慧物流網絡及計劃在香港聯交所主板獨立上市,菜鳥亦提交了招股説明書。該行指目前阿里持有菜鳥69.54%股份,公司計劃上市後持有50%以上股份,認為該分拆有利於更好體現菜鳥和阿里巴巴公司價值。組織架構調整後,阿里巴巴各業務集團均有積極調整和進展,該行認為核心電商業務收入有望保持按年正增長,其餘集團業務收入重啟增長並保持減虧態勢,對盈利拖累或明顯減少,而未來子集團等上市陸續推進,疊加股份回購計劃,料阿里股東回報有望逐步顯現。該行維持阿里巴巴“跑贏行業”評級及目標價137港元。
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