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《大行报告》高盛将京东(09618.HK)纳入「确信买入」名单 上调目标价至329元
阿思达克 08-18 14:20
高盛发表研究报告指出,京东(09618.HK)美国股价在过去1.5年间增长超过两倍多,而其第二季业绩强劲,有助於维持此上升趋势,重申其「买入」投资评级,并将此股票加到该行的「确信买入」名单。目标价由原来的283元上调至329元,美股股价亦由73美元上调至85美元。

该行进一步解释,由於公司持续扩大零售规模,随着结构性的超市及药品自营业务增长,估计在2022年必需品、快速消费品及一般商品的销售额将占京东零售自营业务收入约50%,而过去一直是电子产品或家电销售所主导。该行预期2020至2022年的收入将分别增长26%、21%及20%。

另外,该行预期京东的领先采购规模、广告优势及有效的履约及成本控制,将推动非通用会计准则计算的净利润率在2020年至2022年分别达2.2%、2.5%及2.8%。旗下子公司及联营公司的估值亦不断增长,京东健康、京东物流及京东数科变得更具规模,分别占公司SOTP估值10%、11%及7%。

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