阿里巴巴:Higher discretion for re-investing in 2H20FY

中金公司11月3日發佈研報,摘要如下:

We trim our FY2020/2021 revenue estimates by 1.1%/1.8%, raise FY2020 EBITDA by 1.4% and trim FY2021 EBITDA forecast by 1.7% to reflect the trends mentioned. Maintain OUTPERFORM and SOTP-based TP of US$200 (offering 13% upside, implying 27x FY2020 non-GAAP P/E). Stock trades at 24x FY2020 non-GAAP P/E. Risks: Macro uncertainties; e-commerce competition intensified.

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