標普:京東(09618.HK)提升股東回報將限制投資能力
評級機構標準普爾指出,京東(09618.HK)的股份回購計劃將於明年3月到期,公司近日亦宣布今年將派息共10億美元,未來亦會採用年度股息政策,估計今年京東股東回報達到約140億元人民幣,另外資本支出及收購開支可能達到約300億元人民幣。
標普認為,京東提升股東回報將限制投資能力,隨著未來自由經營現金流增長放緩,京東可能在未來6至12個月內減少投資,維持今年EBITDA下降8%至10%的預測,預期EBITDA利潤率將下降至約3.2%,反映開支正常化,將為收入帶來約9%至10%的負面影響。
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