《大行報告》摩通下調京東(09618.HK)目標價至215元 評級「中性」
摩根大通發表研究報告預計,京東(09618.HK)(JD.US)今年第三季業績將與大多數電商同行保持一致,收入增長料符合該行及市場預期,但由於公司過去兩年表現都超出預期,業績公布後部分投資者可能會感到失望。
惟該行指出,整個中國電商行業利潤表現都好過預期,因此企業的利潤需要錄得有意義增長才可帶動股價上揚。展望第四季及明年表現,摩通預期京東收入上行風險有限,但盈利則要面對上行風險,指出當局政策缺乏可見性,料消費者信心只會緩慢改善。
摩通認為京東成本結構仍有改善空間,但預期2023年的利潤率改善幅度將較今年溫和。今年第三季及第四季收入預測為增長11%,重申「中性」評級,目標價由255元下調至215元。
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