高盛:阿里巴巴(9988.HK)監管陰霾大致消散 重申“買入”評級
高盛發表研究報吿指,阿里巴巴(9988.HK)遭國家市場監管總局裁定違反反壟斷法,處以182億元人民幣罰款後,讓這段期間的監管陰霾大致消散,故重申對其“買入”評級,並維持確信買入名單內,但將目標價下調3%至340港元。
高盛表示,隨着阿里將其增長引擎從規模轉為專注於擴展到低線城市擴張和增加購物頻率,並加強對商户技術支援,預期集團2022財年及2023財年收入可按年增長35%及22%。
該行又指,罰款屬於一次性開支,故下調阿里2022-23財年Non-GAAP純利3-4%,主要由於營銷開支增加9-10%、研發開支增6-7%,以反映阿里計劃增加低線城市和雜貨業務的投資,以及將放棄一小部分的佣金收入和加強對商户技術支持的相關成本。該行又分別下調阿里2021財年收入及non-GAAP純利預測各1.1%及0.7%,至7115.92億元人民幣及1816.3億元人民幣,以反映競爭及新投資需開支較高的預期。

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