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《大行》野村料外賣業務投資拖累京東(JD.US)次季少賺六成 目標價降至45美元
阿思達克 07-14 12:13
野村發表研究報告指,京東-SW(09618.HK)(JD.US)第二季核心零售電商業務預料將維持強勁增長,推動季度收入及經營利潤分別增長17%及15%。野村相信京東兩大銷售品類電子產品及日用百貨將表現穩健,收入料分別增長18%及15%,然而由於集團加大對外賣業務的投資,預計外賣業務將帶來超過100億元人民幣虧損,拖累集團季度淨利潤按年料跌約60%至約58億元人民幣。 面對市場競爭加劇,野村認為京東將需要重新審視外賣業務發展策略,按目前外賣日訂單量約2,000萬單計預期京東的市場份額已達到約10%,相信管理層將要決定是否將市佔率目標維持在10%至15%。該行將京東今明兩年淨利潤預測下調40%及15%,目標價由52美元降至45美元,維持「買入」評級。
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