摩通:京東物流(2618.HK)收購德邦作價合理,重申”增持“評級
京東物流(2618.HK)擬以89.76億元收購內地物流商德邦股份(603056.SH)約99.99%股本權益。摩通發表研究報吿指,認為這宗收購價值合理,重申其“增持”評級,目標價41港元。
該行預計,此次收購將在短期內對京東物流的財務產生負面影響,因為德邦預計2021財年將錄得1.6-2.73億元的淨虧損,而非國際財務報表的虧損為14.07億元,不過對京東物流的影響應該是有限的,因為其在整合德邦的財務報表後仍可能保持收支平衡。該行預計收購會對資產負債表產生更深遠的影響,如果收購完全由債務融資,預計淨資產負債率可能從2021年底的-7%升至275。
該行續指,對比綜合物流服務商的基礎設施,京東物流在倉儲網絡方面有很強的立足點,但在運輸和配送方面的基礎較弱。此次收購將加強京東物流在運輸和配送方面的基礎設施,擴大網絡覆蓋範圍,擴大製造垂直領域的客户羣,提升京東物流在集成供應鏈行業的競爭地位。

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