《大行報告》野村下調京東物流(02618.HK)目標價至27元 評級「買入」
野村發表報告指,以現金流折現法計,下調京東物流(02618.HK)目標價由33元至27元,評級「買入」。
野村指,京東物流去年下半年總收入按年增長34%,比市場共識和該行估計高1%。外部收入的強勁增長是由其綜合供應鏈服務所推動。在財報電話會議上,管理層對其利潤率前景表示樂觀,預計在更好的營運效率和網絡利用率推動下,利潤率將在今年改善。而該行預計京東物流今年將實現收支平衡,非通用會計準則的淨利潤率將按年上升1.7個百分點至0.4%。
該行認爲,宏觀經濟疲軟和疫情等不利因素可能在短期內影響京東物流業務增長,料其今年的總收入將按年增長26%,其中外部收入將按年增長35%。
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