《大行報告》德銀下調京東(09618.HK)目標價至436元 維持「買入」評級
德銀發表報告指,京東(09618.HK)首季業績表現勝預期,收入按年增長39%,淨利潤亦增長33%,但期內毛利率及調整後經營溢利率則分別下降1.1及0.5個百分點。
德銀表示,京東致力於滿足用戶需求及提升體驗,預期將持續對社區團購等新業務加大投資,長遠看好其收入增長前景,但估計投資將對利潤空間造成短期壓力。
該行將京東今明兩年調整後淨利潤預測分別下調23%及16%,相應將目標價由443元下調至436元,維持「買入」評級。
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