《大行报告》瑞信下调京东(09618.HK)目标价至408元 评级「跑赢大市」
瑞信发表报告表示,於京东(09618.HK)首季业绩後,投资者较为关注其社区团购平台的发展策略、利润展望及估值等方面,该行认为其社区团购平台「京喜拼拼」於产品上有别於同业,预期其业务规模於下半年将与市场龙头的差距有所收窄,惟亏损将会扩大。
报告又指,预计京东零售业务维持稳定,京东物流(02618.HK)亏损有望收窄,而其他新业务亏损则会扩大。该行相信,投资者将逐步由市盈率转移至分类加总估值法来评价京东,基於将其2021至2023年度盈利预测下调10%至36%,目标价由431元降至408元,维持「跑赢大市」评级。
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