Citi: Expects instant retail investment to drag down Alibaba-W in the first fiscal quarter, downgrades rating to "Outperform"
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里昂發佈研報稱，將阿里巴巴-W(09988,BABA. US) 投資評級從 “確信 - 跑贏大市” 下調至 “跑贏大市”。報告指，阿里截至 6 月底止首財季收入同比增速預料放緩至 2.4%，主要受到高鑫零售及銀泰百貨剔除合併報表影響，撇除相關因素後，預料收入將增長約 10%，當中淘天 CMR 料穩定增長約 10%，國際零售業務及雲業務收入料分別增長約 20% 及 22%。該行估計，集團對即時零售業務投入約 100 億元人民幣，將拖累首財季經調整 EBITA 同比跌 16.3% 至 377 億元人民幣，利潤率料收窄 3.4 個百分點至 15.1%，對次財季的影響可能更大。
智通財經 APP 獲悉，里昂發佈研報稱，將阿里巴巴-W(09988,BABA. US) 投資評級從 “確信 - 跑贏大市” 下調至 “跑贏大市”。報告指，阿里截至 6 月底止首財季收入同比增速預料放緩至 2.4%，主要受到高鑫零售 (06808) 及銀泰百貨剔除合併報表影響，撇除相關因素後，預料收入將增長約 10%，當中淘天 CMR 料穩定增長約 10%，國際零售業務及雲業務收入料分別增長約 20% 及 22%。
該行估計，集團對即時零售業務投入約 100 億元人民幣，將拖累首財季經調整 EBITA 同比跌 16.3% 至 377 億元人民幣，利潤率料收窄 3.4 個百分點至 15.1%，對次財季的影響可能更大。
Source: 智通財經 The copyright of this article belongs to the original author/organization.
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