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大行評級丨美銀:上調極兔速遞目標價至7.7港元 上調調整後淨利潤預測
美銀證券發表報告,指極兔速遞的市場份額已達30%,旗下蝦皮購物(Shopee)在印尼的業務量削減不太可能影響2025財年的業績指引;加上極兔速遞正在印尼東爪哇省擴建網絡,其成本結構可能低於電商平臺自營物流;而隨着平均售價下降,極兔速遞有能力降低單位成本,且其自動化水平高於東南亞其他國家。鑑於極兔速遞具吸引力的估值,美銀證券重申其“買入”評級,目標價由7.5港元上調至7.7港元。該行將極兔速遞2025年至2026財年調整後淨利潤預測上調0%至4%,主要基於東南亞市場在強勁一季度後的更高業務量增長,以及新市場因TikTok Shop於5月在巴西及2月在墨西哥上線,有望實現輕微正向EBITDA。
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