大行評級 | 花旗:市場對京東百億補貼反應過度 拋售成買入良機
格隆匯2月22日丨花旗發研報指,媒體和投資者可能對京東“百億補貼”的口號反應過度,因補貼可能會是和品牌、供應商和商家聯合促銷,不太可能完全反映在京東的財務數據中。花旗反而認京東的拋售,其實是一個更好的買入機會。花旗分析師指出,京東在過去的記錄中證明,其在有效支出方面謹慎,而不是在沒有任何目標和績效的情況下盲目補貼,因此支出愈有效,反映在新用户增長方面的回報就會愈明顯,而更快的營收增速,更強的供應商等將會強化京東的供應鏈能力,並強化定價能力和未來盈利能力。報吿説,為了更好支持國內消費復甦,在早於618大促的三八國際婦女節推出補貼促銷,將是合理的行為。該股現報186.6港元,總市值5934億港元。

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