《大行報告》匯豐研究下調寶尊電商(BZUN.US)目標價至4.7美元 評級「持有」
匯豐研究發表報告指,寶尊電商(BZUN.US)完善1P業務將繼續努力減少庫存風險並提高利潤率,但將拖累收入。雖然電子、快速消費品、戶外用品和奢侈品等類別應能支持第三方業務的商品成交金額增長,但由於產品組合的轉變,第三方業務的混合拿貨率降低,收入亦將面臨壓力。該行指,見到寶尊電商的增值服務潛力,但積極影響需時反映。
考慮到上述挑戰,該行將寶尊電商今年至後年的收入預測下調6%至24%,盈利預測下調2%至20%。在考慮到外匯的負面影響和現金水平的變化後,將目標價由8.9美元下調至4.7美元,維持「持有」評級。
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