高盛:維持京東集團(9618.HK)買入評級 目標價425港元
高盛發表研究報吿指,京東集團(9618.HK)收入增長健康,顯著勝電商同行表現,主要受惠於其獨特的第一方零售商加上供應鏈驅動的業務模式,其第一季及2022年指引大致符市場預期。該行維持其“買入”評級以及“確信買入”名單,目標價由453港元下調至425港元。
該行指,雖然認為投資者對其第四季日用品百貨收入增長放緩,以及京東零售在電子和電器之外長期增長的可持續性感到擔憂,但該行注意到放緩主要是由於2020年第四季售出的一次性大尺寸商品,並受到管理層關於超市訂單量保持30%的2年複合年增長率目標的鼓舞。
該行指,京東的新業務第四季虧損32億元人民幣,按季擴張,京喜收入按季增長40%。管理層預期2022年的實際虧損金額將較2021年收窄,該行則預期全年新業務虧損收窄至101億元。該行認為,京東現時的風險回報非常吸引。

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