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《大行報告》摩通:京東(09618.HK)股價過度修正 短期有技術反彈空間
摩根大通發表報告,相信京東-SW(09618.HK)股價過度修正,主要是部分證券商對其第四季收入預測過於保守,但目前整體電商需求並無惡化,料短期有技術反彈空間。惟該行仍預期,即使股價反彈,京東股價仍將跑輸其他電商,主要是針對其弱點,包括性價比或產品品種等方面,仍未有作出任何具有意義的舉措,導致收入增長或遜行業。 該行料,京東第三季收入按年僅升1%,第四季則料按年升4%,同時預期有更多投資拖累其第四季淨利潤率按年下跌。該行亦預料,京東在2024年的收入增長及每股盈測增長不多於10%。該行認為應視京東為已完成快速增長的公司,未來一年預測市盈率或受限於10倍,直至公司能清楚展現收入增長加快;現時其估值僅相當於未來一年預測市盈率9倍,或對股價提供支持。 該行將其H股目標價由157元下調至120元,維持「中性」評級。
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