《大行報告》摩通上調京東(09618.HK)目標價至155元 評級「減持」
摩根大通發表研究報告指出,由於中國各地近幾周封城,預期京東(09618.HK)今年首季及次季的銷售額受拖累的情況將超過市場預期,料次季的收入按年增長將較首季弱,下半年將有所復甦。
該行估計,京東上半年經調整純利將較該行早前預期的有所下跌,主要由於一次性費用和封城所產生的額外成本,而成本優化的成果可能需要更多時間才能浮現。此外,相較於2020年上半年,公司不會從其1P模式(自有庫存及物流)獲得更多的市場份額,因爲物流困難更爲複雜,且今輪並無農曆新年效應。
摩通對京東的首季及次季收入預測分別按年升16%及11%,下半年恢復至15%,對今明兩年的收入增長預測分別爲14%及17%。首季經調整毛利率按年跌至1.2%,第二季爲1.6%;今明兩年純利增長預測分別爲按年增長16%及45%。目標價由135元上調至155元,評級「減持」。
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