《大行報告》高盛下調京東(09618.HK)目標價至205元 評級「買入」
高盛發表報告指,京東-SW(09618.HK)股價年初至今下跌56%,並相信投資者關注公司最近自營平台(1P)收入增長停滯是短暫或是結構性、公司對第三方經銷平台(3P)日益重視是否令零和(zero-sum)前景、如何在宏觀濟疲軟下應對日益激烈的競爭。加上,客戶轉向購買物有所值的無品牌或「白色標籤」的產品,這可能會影響其中長期增長潛力。
該行預料,京東明年將回復增長,受惠商品交易總額(GMV)增長符合行業增長。該行表示,將公司在2023年至2025年期間收入預測下調為收縮6%至收縮2%,調整後淨利潤預測下調為收縮5%至收縮1%。
高盛預料,京東第三季及第四季收入增長1%及3%,分別達調整後稅前息前利潤的96億元人民幣及83億元人民幣,而2023年至2025年的各年毛利率分別擴張至3.9%、4.1%及4.4%。該行將京東目標價由239元下調至205元,維持其評級為「買入」。(ca/w)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.