《大行報告》大和升阿里巴巴(09988.HK)目標價至348元 料螞蟻上市可提升估值
大和發表報告指,於9月28日至30日參加了阿里巴巴(09988.HK)舉行的投資者日,認為投資者日的亮點包括阿里雲及菜鳥網絡轉勢,及新推出的變現工具包括Super Recommendation、Super Live Streams及Super Videos等,可推動集團在客戶管理收入(CMR)內的增長,有關新工具在2021財年首季已貢獻CMR的20%。
該行表示,是次投資者日最主要驚喜為阿里雲及菜鳥網絡業務的轉勢較預期為早,其中管理層估計雲業務於2020財年可轉為盈利,而菜鳥網絡則料可錄正經營現金流。
大和上調阿里巴巴股份目標價,由294元升至348元,評級維持「買入」,並上調其2021至2023財年盈利預測2%至5%,以反映阿里雲及菜鳥網絡業務或有更佳盈利能力。該行又將阿里巴巴持有螞蟻集團上市前33%股權的估值,由1,500億美元調升至2,500億美元。
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