《大行報告》大摩下調京東(JD.US)目標價至55美元 評級維持「增持」
摩根士丹利發表報告指,京東(JD.US)第二季度收入按年增長8%,好過市場預期,當中京東零售收入按年升5%,估計第三季及第四季收入分別按年增長6%及8%,京東零售收入分別按年增長3%及6%。
大摩指,京東在第二季度收入增長穩固,受惠於電子產品及家庭電器的市佔率上升,預期公司第三季收入增幅較第二季放緩,主要由於消費氣氛疲弱,加上第二季天氣較熱帶來較高基數、以及期內的618購物節釋放消費需求,相信第四季收入按年增幅將會改善。
該行估計,京東在3P平台模式的投資較預期為大,以及低價策略持續,將2023年至2025年各年盈利預測,分別下調6%、7%及3%,美股目標價下調8%,由60美元下調至55美元,相當於預測明年non-GAAP市盈率19倍,維持「增持」評級。
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