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《大行報告》高盛下調京東(09618.HK)目標價至399元 料受疫情影響 但指基本面穩固
高盛發表報告表示,考慮到內地部份地區因疫情進行「封城」、及第二季宏觀經濟走弱的影響,抵銷了京喜拼拼因縮減規模令虧損收窄,下調對京東(09618.HK)今年收入預測2%,維持對其2023年至2024年預測大致不變,決定下調對京東目標價由425港元降至399港元,並降京東(JD.US)目標價由109美元降至102美元,維持「買入」評級(「確信買入」名單),料其受疫情影響,但基本面仍穩固。 該行表示,雖然內地部份地區因疫情進行「封城」帶來近期不利因素,以及投資者對騰訊較早派送京東股票所帶來的流動性壓力感擔憂,但該行認爲京東在上海的日常履約能力恢復至封鎖前的80%水平(4月初日常履約能力曾低見20%),得益於其獨特零售業務和強大的供應鏈能力。 高盛稱繼續預計京東2022財年的業績相對健康,料收入可按年增長16%(與前料升幅19%,因考慮到「封城」的影響超過預期),京東零售利潤率爲3.1%(按年呈穩定)。 該行估計京東將於下週二(17日)公佈今年首季業績,料收入可按年升16%至2,359.13億人民幣,料純利錄6.36億人民幣按年跌82.5%、料非公認會計準則下淨利潤26.35億人民幣按年跌33.6%。此外,該行料京東今年第二季收入將按年升10%(此前料按年升15%)。(wl/a) ~
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