You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩料京東(09618.HK)受惠疫情後積壓需求釋放 樂觀情境下未來三年潛在上行空間逾200%
摩根士丹利發表研究報告,指京東-SW(09618.HK)在內地疫情緩和後,短期市佔將擴大,是內地電商市場中定位最佳企業。即使因內地疫情爆發及封城措施,致消費疲弱,京東在協助物資調度的角度更深入民心,料隨着疫情緩和,內地放寬防疫限制,潛在積壓需求釋放下,京東市佔將擴大。而中央政府近期鼓勵平臺經濟的言論,以及內地中央政治局指導中美在美國預託證券(ADR)上充分合作,料利好京東,及逐漸恢復投資者在ADR市場上信心。大摩予京東(JD.US)美股「增持」評級,目標價80美元。 中期而言,大摩料京東受惠於消費者行爲改變。該行留意到在疫情爆發時,在消費者收入展望疲弱下,消費者對串流電商的興趣下降;該行料上述改變不是暫時性。該行料這趨勢有利傳統電商如京東,亦紓緩市場對串流電商市場競爭激烈的憂慮。 長遠而言,該行料京東創造更大價值。在供應鏈經營模式及經營效率改善下,料京東收入及盈利增長可以跑贏整體市場。隨着經營現金流改善及持有現金增加,料京東進一步提升財政實力,有空間透過回購及潛在派息提升股東回報。在整體電商市場增長放緩下,京東值得擁有估值溢價。京東昨日(4日)傍晚宣佈派發特別股息每股0.63美元。 大摩料在樂觀情境下,三年內京東市值可升至3,230億美元,相當於ADR每股190美元,意味未來三年潛在上行空間逾200%。一般及悲觀情境下,料至2025年京東市值相當於2,220億及1,360億美元,相當於ADR每股130及80美元。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account