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標普料阿里(09988.HK)第四財季或持續疲弱 仍有能力面對競爭挑戰重申「A+」評級
標普發表研究報告,預期阿里巴巴(09988.HK)截至2023年3月31日止第四財季表現可能持續疲弱,按季比較略有改善,隨著商家經營情況到農曆新年後反彈,預期集團核心客戶管理收入(CMR)可在未來三至四個季度內實現更快速增長,預期阿里盈利能力及現金流仍然穩健,收入可錄得中單位數百分比增幅。 標普表示,中國電子商務市場的競爭可能會加劇,但相信阿里巴巴有能力面對市場競爭挑戰,預期利潤率較高的CMR業務貢獻提升,可部分抵銷營運費用的增加,預計集團未來會加大對淘菜菜、淘寶直播和淘特的投資,不會與競爭對手打「補貼戰」。 該行預測阿里未來兩年經營現金流將從2022財年的1,430億元人民幣,恢復至約1,700億至1,800億元人民幣,若未出現重大收購目標,或有可能進行股份回購。 標普對阿里巴巴評級未有調整,重申為「A+」,展望仍為穩定。
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