《大行報告》花旗:投資者可能對京東-SW(09618.HK)「百億補貼」頻道反應過度 拋售為買入機會
花旗發表報告指,京東-SW(09618.HK)(JD.US)過去兩交易日累跌逾10%,市傳其計劃對標拼多多(PDD.US),於下月初推出「百億補貼」頻道,預料將涵蓋自營及非自營旗艦店的全品類商品,認為媒體報道及投資者可能對消息反應過度,認為100億元人民幣的補貼當中大部分會是與品牌、供應商及商家共同承擔,因此未必會完全反映於京東財報。
該行又指,根據往績,京東在開支方面取態謹慎,不會在未訂立任何增長目標及KPI的情況下盲目補貼,因此相信當支出愈有效,在新用戶數量、收入及市場份額等增長亦會愈明顯,有助提升其供應鏈及定價能力,給予美股目標價96美元,評級「買入」。
花旗表示為更好地支持國內消費復甦,在「618」年中促銷活動舉行之前推出補貼促銷,或是明智之舉,將現時的拋售視作買入機會,預測今年京東收入將按年增長10.8%至1.16萬億元人民幣,淨利潤料達321.6億元人民幣,接近市場預期。
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