里昂維持京東集團-SW (09618.HK)目標價41美元 評級「跑贏大市」
里昂發表評級報告指,京東集團-SW (09618.HK)公布以每股4.6歐元現金,向德國電子產品零售商Ceconomy提出自願收購要約,同時與Ceconomy最大單一股東Convergenta達成協議,對方同意將Ceconomy的3.81%權益轉讓給京東。連同多位股東同意,合計有31.7%股份接受京東收購建議。
該行指,京東或將利用其在中國電子產品和海外物流的優勢,推動Ceconomy全通路業務的更快增長,又指國際擴張是京東新的成長策略之一。該行認為,Ceconomy收入增長、利潤率和估值與京東相似,這或對京東估值產生中性且直接影響。然而,該行指,在歐洲開展零售業務並非易事,或需要在已相當豐厚的外賣補貼之外,進行額外投資。
該行預料,集團在2026年至2030年的五年收入複合年增長率為4%,調整後EBITDA利潤率將在五年內達到5%;該行維持其目標價於41美元,評級為「跑贏大市」。(ca/u)
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