《大行報告》麥格理下調京東-SW(09618.HK)目標價至329元 評級「跑贏大市」
麥格理發表報告指,京東-SW(09618.HK)業績有強勁的盈利和年度股息,但市場對其疲弱的短期收入前景感到失望。該行繼續看好集團的利潤率穩定性,並預計增長在首季觸底,然後從第二季恢復到中至高雙位數水平(約15%至19%)的按年增長。該行分別下調集團2023及24財年的收入預測2%,降純利預測3%,但維持non-GAAP淨利潤率預測不變,反映新業務利潤率展望勝預期;H股目標價下調8%,由357元降至329元,評級為「跑贏大市」。
該行表示,略微下調收入預期是要反映近期公司重組帶來的營收影響,但相信近期的影響將帶來更健康、更平衡的增長前景。該行對全年盈利能力仍然充滿信心,預計其全年經調整淨利潤率將保持穩定並達到2.7%。
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