暗盤前瞻 | 京東健康:對標阿里健康,有40%上升空間
uSMART盈立智投12月7日消息,京東健康今日公佈中籤結果並將於16:15進行暗盤交易。
京東健康是中國最大的在線醫療健康平台,在業務模式、收入、利潤、成本結構等方面與阿里健康都非常類似,所以未來股價走勢可以以阿里健康爲錨。
從市值來看,京東健康以上限70.58港元定價後,市值爲2207億,而阿里健康最新市值約3080億,存在40%的上升空間。
從市銷率(P/S)來看,假設京東健康今明兩年收入同比增速分別爲76%、47%,對應2019/2020/2021年P/S分別爲17/9.8/6.7倍。綜合主要投行預測,阿里健康2019/2020/2021年P/S分別爲27/15/9.3倍。從2021年P/S來看,也存在約40%上升空間,即使考慮到京東健康的增速稍低,給予估值折價,也應該有20%的上升空間。
從分配結果來看,乙頭中籤7手,盈虧平衡漲幅約13%,頂頭槌則爲26%。有消息稱,部分機構投資者已開始在京東健康的場外暗盤市場交易,部分成交價爲85、88及90港元,漲幅在20.4%至27.5%之間。
阿里健康11月25日發佈截至今年9月底的中期業績,上半年營收同比增長74%至71.6億元人民幣,經調整淨利潤4.36億,同比增長286.4%,花旗、瑞銀、大摩、麥格里、富瑞紛紛給予買入評級並提升目標價,最高價看到33港元。
從長期角度來看,疫情刺激行業加速,疊加處方藥外流、醫保支持等政策,線上醫療前景廣闊。京東健康作爲營收及淨利潤規模最大的龍頭,競爭優勢較大,引入高瓴、GIC、貝萊德等6位明星基石,認購38.95%發售股份,也給予市場信心。小摩預計京東健康上市後可透過快速納入機制進入港股通名單,也有望帶來部分資金流入。
uSMART盈立智投暗盤交易時間:12月7日 16:15~18:30
新股配售 | 京東健康一手中籤率40%,申購人數逾84萬,公開認購421.91倍,國配31.1倍
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.