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《大行報告》美銀證券降京東(09618.HK)目標價至351元 重申「買入」
美銀證券發表研究報告指出,京東(09618.HK)將於11月18日公佈2021財年第三季業績,該行預期,基於內地消費放緩,預測京東收入按年增長24%至2,170億元人民幣,增幅較第二季的26%有所放緩。內地業務零售增幅由第二季的14%,降至第三季的5%,部分由於基數效應。 美銀指出,雖然該行的亞洲經濟團隊將中國2021至2023年各年經濟增長預測,由8%、5.3%及5.8%,下調至7.7%、4%及5.3%,但該行料京東將增加其在零售領域的市場份額,因此重申「買入」評級,認爲其12個月的用戶數目於第二季達5.31億,仍少過其他大型電子商務平臺,而且公司持續投資於其他渠道,如晶溪(JingXi)及小程序等以擴大用戶範圍,另還有增加品牌商戶、新增如醫保及雜貨等類別,以及提高營銷和物流增值服務的變現。 該行又稱,京東持續對物流、同城配送及社區團購等長期計劃作出投資,該行對其2021至2023財年收入預測分別下調0.1%、2%及3%,以反映宏觀環境因素,但料公司在戰略領域持續進行投資,故將2021至2023財年的每股盈利預測由原來的3.93、6.47及12.44元人民幣,下調至3.17、5.82及11.6元人民幣,目標價由359元下調至351元。
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