《大行報告》摩通上調京東-SW(09618.HK)目標價至238元 評級「中性」
摩根大通發表研究報告指,京東-SW(09618.HK)強勁的營運表現及淨利潤率改善並不一定代表2023年的盈利增長前景更好,因為目前尚未清楚利潤率改善有多少是由於短期收入結構和投資的調整;其日用商品銷售額按年增速在短短兩個季度內從20%放緩至3.5%,應該與京東自身在品類和商業模式上的調整有關,而不僅僅是宏觀疲弱。因此,如果中國在明年3月之後放寬防疫政策,料潛在的復甦不會直接轉化為集團的收入反彈,因為其戰略具不確定性,與阿里-SW(09988.HK)情況不同。
該行重申,京東的盈利應該高於市場預期,但不確定的增長速度可能會限制估值重估的上行空間。該行將其2022及2023年的收入預測分別下調1%和2%,至較市場預期低出分別1%及6%;由於第三季利潤強勁,將京東2022年調整後淨利潤預測上調12%,惟保持2023年每股盈測不變;維持「中性」評級,H股目標價由為215元上調至238元。
該行料京東今年末季及明年全年收入按年升8%及11%,較市場預期分別低出4%及6%。
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