大和:升京東(9618.HK)目標價至367港元 重申買入評級
大和發表研究報告指,京東(9618.HK)將於11月公佈第三季度業績,預期快速消費品將推動京東下半年收入繼續強勁增長,惟快速消費品佔比增加及再投資或會壓低利潤率,重申對其買入評級,並將目標價由308港元上調至367港元。
大和預期,京東第三季商品交易總額將保持強勁,在快速消費品及新鮮產品帶動下,料第三季收入按年增長28%,同時“雙11”料成第四季收入主要催化劑,主要是今年零售商促銷力度較以往進取。不過,該行認為,快速消費品及新鮮產品比重上升將拖低平均訂單規模,訂單平均履行成本料升至12.1元人民幣;惟從長遠來看,快速消費品訂單增加將有助進一步縮窄該細分市場的虧損。
該行又指,京東下半年料會將部分收益用作投資發展,尤其在第四季,相信對公司中期收入增長有利,因此預期京東第三季非通用會計準則純利率將增加10個基點至2.4%、第四季則料為1.4%。

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