《大行報告》瑞銀首予京東-SW(09618.HK)「買入」評級 目標價275元
瑞銀發表報告表示,首予京東-SW(09618.HK)「買入」評級,目標價275元,此按現金流折現率作估值,相當於2023年及2024年市盈率各23倍及17倍,料其2022年至2025年盈利複合增長率27.4%。但該行亦指京東短期內增長受到內地消費者信心疲軟、退貨率上升(疫情令部份地區封鎖導致的物流問題)等因素所影響。
但該行亦認為,京東可受惠於更多支持性的宏觀政策,加上擁有多元化的電子商務商業模式,與大型互聯網同行相比,指監管風險更小,並指其獨特的直銷和自營物流平台亦增加防守性,使其免受直播競爭者等帶來的影響。
瑞銀指,受房地產行業影響,估計內地今年第四季家電增長正在放緩,料京東的增長在明年第二季度開始重新加速,並在明年下半年恢復正常,因為按年比較基數回復正常。
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