《大行報告》麥格理輕微下調京東(09618.HK)目標價至401元 評級「跑贏大市」
麥格理發表研究報告指,在成本控制得宜下,京東(09618.HK)第四季經調整純利表現好過預期,全渠道零售策略繼續推動用戶增長,認為京東供應鏈具核心競爭力,令集團免受市場競爭加劇及宏觀環境波動的影響。
報告指出,雖然近期內地經濟面臨宏觀挑戰,但京東在用戶擴張及彈性成本控制措施支持下,收入穩健增長,電子和家電銷售按季增長加速,反映出京東的市場份額持續提升,認為京東仍然是電商領域中的「避風港」。
該行認為,京東近期跌勢為投資者提供一個良好入市機會,考慮到宏觀不確定性及市場競爭,繼續在電商行業中看好京東,並重申「跑贏大市」評級,目標價由402元輕微下調至401元,並將2022至2024年經調整每股盈利預期上調3%及2%,指出若撇除今年春晚的一次性營銷開支,預期今年全年表現將更好。
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