大行評級丨花旗:“TikTokShop”在拉丁美洲的進一步擴張可能成爲極兔速遞潛在的股價催化劑
花旗發表研報指,極兔速遞(1519.HK)2024財年下半年經調整盈利超出該行及市場預期,主要受惠於東南亞地區因強勁的業務量增長及單位成本的良好優化,利潤率改善超出預期。花旗預計,極兔速遞2025年東南亞的盈利勢頭可能主要由強勁業務量增長推動,同時持續採取積極的定價策略,將下降的單位成本轉嫁出去以爭取市場份額。另外,該行對極兔速遞的中國業務量增長及利潤率改善持謹慎樂觀態度,但預計競爭壓力將持續存在,至於新市場的勢頭則面臨跨境電商平臺政策不確定的風險。花旗將極兔速遞2025至2026財年盈利預測分別上調18%及9%,目標價維持於8.3港元,維持“買入”評級。該行亦指,極兔速遞因其穩健的執行力鞏固市場地位,並認爲“TikTokShop”在拉丁美洲的進一步擴張可能成爲潛在的股價催化劑。
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