《大行報告》美銀證券升京東ADR目標價 在港上市可減美國潛在除牌風險
美銀證券發表報告表示,從近期內地電子商務行業、快遞公司數據確認電商行業復甦情況,中國今年4月至5月線上零售產品銷售按年增長20%,增長走勢與2019年相若,其中雜貨類、食品及飲料類、及新鮮農產品銷情強勁。該行相信京東(09618.HK)(JD.US)平台情況與行業相近,甚至更好,因銷售受壓的衣飾類產品在京東佔比較少;而京東亦可藉物流覆蓋、線下合作夥伴等,捕捉內地邊遠城市增長。
該行指,京東在本港進行第二上市,涉發行發售1.33億股,估計是次發行將攤薄股份約4.5%,料攤薄因素將在第三季反映。相信京東在本港上市,有助減低市場對美國潛在除牌及流動性風險的憂慮,而京東在今年首季擁淨現金及流動性投資共700億人民幣。
美銀證券重申對在美上市的京東(JD.US)「買入」評級,目標價由60美元上調至70美元,按公司每一股美國存託股代表2股A類普通股,即相當京東在本港上市每股估值271.3港元。該行料京東於2020年至2022年每股盈利預測各為7.41、16.72及25.97元人民幣。
京東公開發售錄超額認購177.9倍,令公開招股部份比例由5%增加至12%,認購一手50股,中籤率僅10%,認購40手才穩獲一手,以招股價定價226元計算,公司預計集資淨額為297.71億元。(wl/u)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.