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《大行報告》匯豐研究:京東-SW(09618.HK)潛在收購Currys 加快歐洲業務擴展
匯豐研究發表研報指,京東-SW(09618.HK)(JD.US)據報正考慮收購英國電子產品零售商Currys,目前正處於初步評估階段,須在3月18日前確認其意向。該行指出,即使Currys已拒絕Elliott Advisors 的初步收購報價,但未能排除今次交易會否出現競價。 根據匯豐研究估算,Currys 2022至2024年收入料相當於京東的8%、8%及6%,但其經調整利潤水平相對較低,僅為京東同期的3%、2%及2%,但考慮到Currys是英國和北歐市場消費電子產品零售行業的領導者,相信潛在收購可以幫助京東加快在歐洲市場的發展。同時由於京東在家電及電子產品方面具優勢,相信是次交易將產生協同效應。 但匯豐研究提醒,由於雙方存在文化及營運環境的差異,即使成事也可能會帶來挑戰,目前維持對京東的預期不變,美股目標價維持38美元,H股目標價維持148港元,並維持「買入」評級。
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