《大行報告》瑞銀升京東(JD.US)評級至「買入」 目標價下調至39美元
瑞銀發表研究報告指,今年是京東(09618.HK)(JD.US)業務轉型的重要一年,透過擴大長尾SKU來培育第三方生態圈、建立低價定位及精簡企業架構,都是現今競爭激烈市場中必要的調整,估計因此利潤率會持續改善,但短期內營業收入增長則會乏動力。
該行預期,在業務轉型佈局變得更加清晰之前,京東的表現可能會較同行遜色,但認為其估值具有吸引力,所以將投資評級從「中性」上調至「買入」。
展望第三季業績,該行預測收入將按年增長1.6%至2,470億元人民幣,非通用會計準則淨利潤率料降至3.6%,經調整淨利潤預期達到105億元人民幣,關注其業務增長前景和轉型進展,以及會否推出股份回購和其他提高股東回報的措施,美股目標價從40美元下調至39美元。
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