《大行報告》瑞信下調京東(09618.HK)目標價至408元 評級「跑贏大市」
瑞信發表報告表示,於京東(09618.HK)首季業績後,投資者較為關注其社區團購平台的發展策略、利潤展望及估值等方面,該行認為其社區團購平台「京喜拼拼」於產品上有別於同業,預期其業務規模於下半年將與市場龍頭的差距有所收窄,惟虧損將會擴大。
報告又指,預計京東零售業務維持穩定,京東物流(02618.HK)虧損有望收窄,而其他新業務虧損則會擴大。該行相信,投資者將逐步由市盈率轉移至分類加總估值法來評價京東,基於將其2021至2023年度盈利預測下調10%至36%,目標價由431元降至408元,維持「跑贏大市」評級。
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