《大行報告》瑞銀首予京東健康(06618.HK)「中性」評級 目標價150元
瑞銀發表研究報告指,京東健康(06618.HK)為內地醫療健康行業潛在龍頭,風險及回報取得平衡,首次給予「中性」評級及目標價150元。
報告指,以2019年收入計京東健康是內地最大的線上藥房,認為業務快速增長、強大的供應鏈管理及在線醫療業務的領先優勢,令其在市場中處於有利位置;在其他業務領域,激烈競爭下其或需要更多時間來獲得市場份額。但該行指,京東健康自2020年12月上市以來,估值已上升至相當於2021年預測市銷率的16倍,拋離同行平均水平的11倍。
該行預計,京東健康2020至2022年收入將按年增長67%、36%及52%,三年間複合年增長率為44%,由於去年上半年疫情下基數較高,預計今年增長將放緩,在營銷及研發支出增加下,經營溢利率將從2019年的4%降至2020至2022年的介乎1.6%至2.7%,令2020至2022年每股盈利複合年增長率達約20%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.