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標普上調京東(09618.HK)評級至「A-」 展望穩定
評級機構標準普爾宣布,將京東(09618.HK)(JD.US)的長期發行人信用評級及高級無抵押票據長期發行評級由「BBB+」,上調至「A-」,展望穩定。 標普指出,得益於強大的物流供應鏈能力,京東過去兩年中從傳統電子零售及電商行業中取得市場份額,雖然預期中國逐步放寬防疫政策將減慢電商市場增長,但相信京東在當中表現會相對較好。 該行指,京東未來兩年收入增長將跑贏大多數電子零售和電商同業,預測EBITDA利潤率將從2021年的2.8%提高到今年的3.7%,明年料回落至3.2%,疫情過後估計京東2024年起將增加營銷及新投資,令EBITDA利潤率降至約3%。 憧憬疫情後消費者可能會將部分開支重新花費在實體零售市場上,對線上電商平台有短期影響。但標普相信在零售行業達到新的平衡後,京東將恢復強勁勢頭。
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