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大和:維持京東(9618.HK)買入評級 目標價上調至425港元
格隆匯 11-19 17:31

大和發表研究報吿,將京東(9618.HK)目標價由370港元上調至425港元,維持“買入”評級,為電商行業首選。

大和認為,京東超市為第3季主要驚喜,帶動公司增長。超市及廣吿收入按年升35%,跑贏自營(1P)產品收入增長幅度23%。雖然第4季仍預期供應緊張續影響家電銷售,但加盟商(3P)類別擴大會支持增長加快,抵銷1P產品銷售疲弱表現,料第4季收入按年升24%,以及2022-23年APRU增長空間龐大。

另該行預期,第4季非通用會計準則經營溢利按年温和擴張。主要由社區購物平台“京喜拼拼”貢獻的新業務擴張較慢,損失比例及損失絕對值低於預期,該行料,第4季非通用會計準則利潤按年改善0.3個百分點至1.3%,全年則料收縮0.4個百分點至1.8%。上調公司2022-23年盈利預測2%-15%,由於潛在良好的新業務成本控制。基於明年預測市盈率25倍,上調目標價。

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