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《大行報告》瑞銀下調京東(JD.US)目標價至75美元 評級「買入」
瑞銀發表報告,考慮到第二季疫情影響,維持對京東(09618.HK)(JD.US)第三季估計預測不變,但鑒於最近幾個月包括黃金周的數據表現,降低第四季收入預測。美股目標價由80美元下調至75美元,評級「買入」。 報告指,京東的智能手機銷售應能從第三季末開始明顯改善,因為新產品的推出有助改善疲軟的需求,但將被家電產品的銷售所抵銷,因受累於房地產行業問題下需求受壓。維持其第三季11.9%的收入按年增長不變,但將第四季增長預測由15.1%降至12.2%;第三季經調整淨利潤率預測由2.8%提高到3%,全年經調整淨利潤率預測由2.3%提高到2.7%。 報告指,消費者和商家的信心仍然脆弱,並正等待政府刺激經濟政策或調整防疫措施。不過,該行仍提高了對京東的利潤率預測,以反映管理層對效率提高的信心增加等。同時續看好該股,認為其有份受惠未來內地消費復甦,但隨著其增長和份額增長放緩,長遠而言估值將會受壓。
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