《大行報告》大摩降京東(JD.US)評級至「與大市同步」 目標價下調至33美元
摩根士丹利發表研究報告指,預期疲弱的消費情緒及京東(JD.US)的業務和策略調整將繼續影響其第三季收入增長和利潤率,料當季總收入將按年升1%,又相信其第四季的前景依然疲軟。因此,該行認為,集團於明年的增長和盈利能力仍然存在不確定因素,雖然其估值處於低位,但該行決定下調京東投資評級由「增持」降至「與大市同步」,目標價由55美元下調至33美元。
該行預期,中國的消費轉弱將會是長期趨勢,如果京東無法迎合這個趨勢,其在中國電子商務市場的結構性地位或會較差。該行將其2023至2025年的收入預測分別下調3%、4%和7%,又將2023年盈利預測上調5%,惟分別下調2024和2025年預期6%和12%,以反映實施低價策略所需要的潛在投資上升。
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