《大行报告》野村下调京东(09618.HK)目标价至365元 评级「买入」
野村发表研究报告,引述京东(09618.HK)管理层近日透露,由於首季社区团购业务投资回报率令人满意,因此计划於第二季加大投资拓展该业务。
该行表示,公司对发展社区团购业务的目标变得更为明确清晰,此前市场预期,京东对社区团购的投入将不及同业美团(03690.HK)与拼多多(PDD.US)。
野村估计由於加大投资,京东2021财年来自社区团购的亏损将达到160亿元人民币,较早前预期的100亿元人民币提升,因应营销开支增加,将2021财年每股盈利预测削减14%。野村预期京东次季收入将按年增长24%,维持「买入」评级,目标价由378元下调至365元。
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