《大行報告》大摩料京東(09618.HK)次季收入增23% 利潤率跌150點子
摩根士丹利發表報告,預期京東集團(09618.HK)今年第二季整體收益按年增23%至2,476.52億人民幣,主要是由強勁「618」購物節推廣所帶動;但料其非通用會計準則(non-GAAP)利潤率則按年跌150基點至1.44%,因去年高基數及增加投資於社區團購業務等所拖累。該估計京東今年第二季非通用會計準則純利35.58億人民幣按年跌39.8%(按季跌10.3%)、料純利20.72億人民幣按年跌87.4%。
該行指,面對近期內地政府的監管,暫未知對現有上市公司的具體影響,但預計市場對監管風險的擔憂將會持續。該行予在美國上市的京東(JD.US)「增持」評級及目標價爲89美元。
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