《大行報告》摩通上調京東(09618.HK)目標價至370元 評級「增持」
摩根大通發表報告,料京東(09618.HK)今年下半年收入增長可保持在20%以上,指公司在宏觀消費放緩的環境下,較其他同業如阿裏巴巴(09988.HK)等大平臺具韌性,是由京東的活躍用戶數目上升,家電市場份額增加,日用品需求具韌性,平臺模式業務(Third-Party)增加。
該行認爲,京東目前股價反映出一個低過市場預期的收入增幅,並未反映其正面因素,因此將京東目標價由360元上調至370元,此按綜合方式作估值,反映核心電商業務的估值相當預測2022年市盈率22倍,重申「增持」評級。
摩通預計,國內消費疲弱的情況或維持至明年上半年,不過預計京東收入增幅放緩程度會低過阿裏巴巴,該行預計京東今年下半年收入按年增速維持在20%以上,並具健康的毛利率水平,而該行預計阿裏巴巴下半年收入按年僅增長8%,較9月底時預測的13%增速有所下調。
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