《大行》摩通:京東(09618.HK)將短暫忍受虧損 換取外賣業務持續增長
摩根大通發表研報指,京東-SW(09618.HK)(JD.US)董事長劉強東發表一系列集團發展戰略的講話,強調所有業務都是為了服務於供應鏈,包括外賣及酒店旅遊新業務,更表示只要能通過供應鏈能盈利,「餐飲業務甚至可以永久不盈利」,因此相信集團在今年內,至少於第二至第三季會忍受更多虧損,以換取外賣業務持續增長。
摩通認為,外賣業務所帶來的流量將於明年轉化為整個京東生態系統的收入,而短期內,未來3至6個月的盈利下行風險,將為股價帶來一定壓力,目前給予港股及美股目標價為165港元及42美元,相信外賣業務虧損及集團整體盈利水平將在6至12個月內逐步改善,維持「增持」評級。
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