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《大行報告》高盛將京東(09618.HK)納入「確信買入」名單 上調目標價至329元
阿思達克 08-18 14:20
高盛發表研究報告指出,京東(09618.HK)美國股價在過去1.5年間增長超過兩倍多,而其第二季業績強勁,有助於維持此上升趨勢,重申其「買入」投資評級,並將此股票加到該行的「確信買入」名單。目標價由原來的283元上調至329元,美股股價亦由73美元上調至85美元。

該行進一步解釋,由於公司持續擴大零售規模,隨著結構性的超市及藥品自營業務增長,估計在2022年必需品、快速消費品及一般商品的銷售額將佔京東零售自營業務收入約50%,而過去一直是電子產品或家電銷售所主導。該行預期2020至2022年的收入將分別增長26%、21%及20%。

另外,該行預期京東的領先採購規模、廣告優勢及有效的履約及成本控制,將推動非通用會計準則計算的淨利潤率在2020年至2022年分別達2.2%、2.5%及2.8%。旗下子公司及聯營公司的估值亦不斷增長,京東健康、京東物流及京東數科變得更具規模,分別佔公司SOTP估值10%、11%及7%。

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