《大行報告》高盛首予京東集團(09618.HK)「買入」評級 目標價273元
高盛發表報告表示,首予京東集團(09618.HK)「買入」評級,未來12個月目標價273元,此按綜合方式作估值,當中對京東零售業務按預測明後兩年稅後凈營業利潤(NOPAT)市盈率22倍作估值,指其零售業務具規模優勢,兼且清晰的策略透過廣告、京東物流等可提升毛利率表現。
該行指,京東今年「6.18」商節的成交總額(GMV)達2,692億人民幣,即6月1日至6月18日成交總額按年升34%,錄自2017年最快銷售增速,料其今年第二季收入趨勢鞏固,料其第二季收入增長可達30%至1,948.71億人民幣,料次季非通用會計準則利37.82億人民幣,較去年同期35.59億人民幣升6.3%。
報告調整京東2020至2022財年收入預測介乎1%至5%,並上調非通用會計準則純利預測介乎3%至9%,並預期隨著增長與盈利能力取得平衡,及再投資策略下,公司將進一步鞏固零售領導地位。
高盛料京東於2020年至2022年收入增長預測各為24%、20%及20%,估計其2020年至2022年非通用會計準則純利率各為2%、2.4%及2.8%。該行料京東2020年至2022年除撇除一次性因素前的每股盈利預測各4.67、6.84及9.28元人民幣,估計公司2020年至2022年除撇除一次性因素後的每股盈利預測各2.59、4.78及6.96元人民幣。
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