《大行報告》大摩:阿里(09988.HK)罰款「落地」可消市場憂慮 焦點重新轉至基本面
阿里巴巴(09988.HK)(BABA.US)因在網絡平台實施「二選一」壟斷行為遭罰款182.28億元人民幣,責令停止違法行為。摩根士丹利表報告表示,阿里巴巴相關罰款佔其2019年本地總銷售約4%,雖然涉資金額創紀錄,但該行認為此結果可望消除阿里巴巴主要憂慮,估計市場焦點將重新轉至公司基本面之上。
該行指,內地監管部門對阿里巴巴相關調查經過4個月後,阿里股價期間亦累跌16%,認為今次罰款結果是消除了阿里所面臨不明朗因素,令市場重新聚焦於其基本面之上。
大摩認為,對阿里巴巴施加的罰款絕對值超過了中國以往的監管罰款,但同時提為針對中國其他互聯網平台的反壟斷行樹立了榜樣,料罰款金額相當於公司當前淨現金的6%。不過,該行認為該監管決定應能緩解阿里主要壓力,阿里巴巴暫時無需進行重大的組織重組和資產剝離。展望未來,該行認為市場將重心轉向公司旗下電子商務領域競爭上。該行維持對阿里巴巴美股「增持」評級及目標價300美元。
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