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美銀證券:調整阿里巴巴、京東等股目標價,評級買入

美銀證券認為,華北、華東、華南近日均有重點城市封城,預期未來數季人民收入減少的效應,以及固定成本令利潤跌幅較大,將阿里巴巴(9988.HK)、京東(9618.HK)、美團(3690.HK)和拼多多(PDD.US)收入下調少於4%。

該行稱,阿里巴巴擁有國內電子商務以外的收入,本地雲業務和海外電子商務等,減少對總收入的影響,但盈利由於毛利高企將變得更加敏感,將阿里目標價由188港元下調至185港元。

京東超市產品相信獲更多人購買,但供應和再上架問題或有壓力,最終仍需視乎總銷售額,故京東目標價由324港元降至320港元。

同時,美團的店內及酒店業務較封鎖地區的送餐業務受更大影響,下調美團目標價由236港元至222港元。該行重申上述股份為“買入”評級,主要是假設封城沒有延長,相對傳統行業,對線上已有領先地位的股份影響有限。

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