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《大行報告》摩通下調京東物流(02618.HK)目標價至20元 評級「增持」
阿思達克 11-22 09:51
摩根大通發表報告指,京東物流(02618.HK)今年第三季業績強勁遠勝預期,非國際財務報告準則計的純利為4.47億元人民幣,優於市場預期的2.87億元人民幣,並扭轉去年同期錄得的虧損5.67億元人民幣。 該行表示,雖然自然收入增長放慢,但集團的毛利趨勢繼續有按年改善,主要受惠於規模經濟,及管理層繼續致力於提高經營效率。 不過,摩通認為京東物流股價年初至今下跌45%,表現跑輸恆指20個百分點,基於明年EBITDA預測及8.1倍目標估值倍數,將其股份目標價由22元降至20元,評級維持「增持」,同時因應集團整合收購的德邦物流而調整盈利預測。
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