《大行報告》大華繼顯下調京東(09618.HK)目標價至199元 評級「買入」
大華繼顯發表研究報告指出,京東(09618.HK)第二季收入按年增長7.6%至2,879億元人民幣,超過該行及市場預期;毛利率按年改善1個百分點至14.4%,主要由於3P業務收入強勁增長。
該行認為,非通用會計準則下,京東次季經營溢利按年增長51%至87億元人民幣,相當於經營利潤率3%;由於營運精簡,淨利潤86億元人民幣,較市場預期高出10%。經調整淨利潤率為3%,高過該行預期。
此外,該行指由於消費者信心冷淡,加上季節性疲弱因素,對京東第三季表現持審慎樂觀態度,料公司第三季收入按年增長8%,全年收入預測按年增長7%,當中京東零售增長2.5%。該行將京東第三季及全年收入預測上調2%及1.2%,以反映復甦步伐好過預期。另對京東第三季及全年的非通用會計準則下淨利潤預測分別下調1%。該行維持對公司「買入」評級,目標價由216元下調至199元。
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