《大行報告》摩通下調京東(JD.US)全年收入及每股盈利預測 仍偏好阿里(BABA.US)及拼多多(PDD.US)
摩根大通發表研報,重申對京東(09618.HK)(JD.US)今年第二至第四季收入按年增長將回升至10%以上的預測,指出該公司透過提高價格競爭力可推動第三方商品成交總額(GMV)及銷售額,加上自去年起逐步減少對低利潤產品和非核心業務的依賴,在推行百億補貼計劃方面態度亦保持謹慎,預料可為今年經調後淨利潤率增長帶來支持。
但摩通亦指出,京東收入增長仍存在下行風險,最終業績或未能達到管理層的預期,現行的經營戰略調整雖然可以解決其增長疲軟的根本原因,但執行起來並不容易,需要一段時間才能見到進展,因此維持對「中性」評級,將今年全年收入預測下調1%,經調整每股盈利預測下調4%。
該行現時預測京東2023年首季收入將按年增長0.5%,較早前預測的增長2%下調,經調整淨利潤率料達到2.6%,高於市場預測的2.2%。摩通給予京東港股及美股目標價分別為165元及42美元,行業中較看好阿里巴巴(09988.HK)(BABA.US)及拼多多(PDD.US)。
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