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《大行報告》野村首予京東(09618.HK)「買入」評級 目標價287元
阿思達克 07-28 14:01
野村發表研究報告,首予京東(09618.HK)「買入」評級,目標價287元,該行估計次季公司收入將按年升27%,較市場預期高約1%,增速較首季的21%有所加快,主要受惠今年618優惠期間商品交易額(GMV)按年增34%。該行估計按非通用會計準則計算,受惠京東零售及京東物流利潤改善,公司經營利潤率將擴闊80個基點。該行預測公司每股盈利將按年增26%至1.45元人民幣,較市場預期高7%,並估計公司的電器及家電收入增長可加快至18%,而普通商戶收入則料按年增45%。

該行指出,京東於2019年收購五星電器的46%權益,並於今年5月收購其餘54%的股權,五星電器是內地的家電零售商,擁有逾700家線下商店,該行相信對京東而言短期財務影響較小,但可助公司進一步拓展至低端城市的市場。

該行估計公司在2020-2022財年收入分別穩健增長23%、20%及17%,並估計其經營利潤率可分別擴闊80、70及30個基點,到2022年將達3.3%。(el/k) ~

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