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《大行報告》摩通:內地電商盈利前景不確定性略升 料阿里-SW(09988.HK)及拼多多(PDD.US)未來數季跑贏京東-SW(09618.HK)
摩根大通發表報告指,內地電商股價對京東-SW(09618.HK)將推出「100億元人民幣補貼」計劃的消息反應過度,因為一些投資者可能會錯誤解讀該計劃,即認為京東會投資100億元人民幣來補貼消費者。惟該行相信,補貼可能會由京東、品牌和商家三方共同承擔,從而部分減輕對其損益表的財務影響。 不過,該行認為,該舉措表明京東今年將以降低利潤率為代價,更關注收入增長。因此,京東利潤率以及中國電子商務行業盈利前景的不確定性在較小程度上確實會上升。此外,該行認為,京東的「100億元人民幣補貼」將引起投資者對此類投資是出於進攻還是防禦目的的擔憂。 摩通預計,京東競爭定位的這種變化將影響投資者對京東信心。該行指,阿里-SW(09988.HK)基於其較低的估值,及拼多多(PDD.US)擁有更好的增長前景和盈利上行空間,料兩間公司在未來數個季度的表現將跑贏京東。
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