《大行報告》高盛下調京東(09618.HK)目標價至345元 剔出確信買入名單
高盛發表研究報告,維持對京東(09618.HK)「買入」評級,指出自2020年8月18日將京東列入確信買入名單以來,其港股累跌7.5%,表現跑贏恆指同期的下跌14.4%,現時將其剔出確信買入名單,預計電商市場參與者之間的增長差距將收窄。
該行表示,京東作為領先的供應鏈技術及直銷與第三方零售商,在疫情中顯示出強大供應鏈能力,直銷產品存貨單位超超過1,000萬個,存貨周轉天數僅為29日,隨著第三方商家數量增長,令京東在市場不確定時期收入及盈利仍有彈性地增長。
該行將集團2022至2024年收入預測下調至增長11%、18%及15%,現在預期今年經調整淨利率可達到1.8%,維持2023至2024年利潤率預測為2.5%及2.7%不變,目標價由382元下調至345元。
高盛又指,京東目前的股價水平僅反映出核心業務京東零售今年盈利約20倍的估值,未有計及於京東物流(02618.HK)等的持股、其他投資價值及超過200億美元的手頭現金。
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