《大行報告》摩通上調京東(09618.HK)目標價至255元 評級「中性」
摩根大通發表研究報預期,京東(09618.HK)(JD.US)今年第二季業績很大程度符合該行預期,該行估計收入將按年增長4%,達到約2,640億元人民幣,經調整淨利潤預期達到48.21億元人民幣。
該行預期,由於「618」活動錄得約10%增長,相信下半年收入增長將改善,預測按年增長13%;下半年調整後利潤及利潤率按年升幅亦預期勝過第二季表現。惟摩通表示,除非投資者見到更明顯的增長加快,否則難以給予溢價空間。
至於新業務,摩通指出首季仍錄得約24億元人民幣經營虧損,預計未來幾個季度新業務虧損將按年減少約10至20億元人民幣,足以抵銷京東零售期內受疫情封控的影響。摩通將京東2022至2023年收入預測上調1%,其調整後淨利潤預測高於市場預測約13%及9%,目標價上調至255元,重申「中性」評級。
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