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《大行報告》花旗下調京東物流(02618.HK)目標價至40元 評級「買入」
花旗發表研究報告指出,京東物流(02618.HK)去年下半年收入略勝該行預期,但略低於市場預期,公司去年上半年作出重大投資後,受經濟規模和經營槓桿帶動利潤改善。管理層認爲,目前油價飆升的影響可控,因石油成本變數在總成本佔比僅中單位數,以及僅對外包供應商部分補償。 該行指出,雖然今年上半年宏觀環境仍然疲弱,但京東零售今年的收入增長仍將保持相對韌性,來自外部客戶的增長勢頭或將持續。 花旗將京東物流的目標價由44元下調至40元,以反映高油價對公司利潤帶來的不確定性,但認爲公司受益於京東集團(09618.HK)具韌性表現,預期京東物流進一步滲透外部客戶,該行維持對其「買入」評級。
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