大行評級丨瑞銀:維持京東“中性”評級 料今明兩年收入同比增長4.9%及7.5%
瑞銀髮表研究報吿指,京東第二季業績勝預期,經調整淨利潤增長約8.4%,相信集團正進行投資改善其平台商户基礎及產品種類,明年將重新將焦點放在用户增長上,預期有助於長期發展。瑞銀指,雖然第三方佣金收入在第二季持平,反映出對商家補貼的影響,但同時來自第三方的廣吿於第二季強勁增長,表明集團於商户的投資正取得一定回報,維持對其“中性”評級,相信今年第四季至明年首季將見拐點,收入增長運轉率或將接近正常。該行下調京東今明兩年經調整淨利潤率預測約11及27個基點,至3.2%及3.4%,以反映對商家及用户的增量投資,預期不會引發非理性的補貼戰,今明兩年收入預測大致不變,料同比增長4.9%及7.5%。瑞銀將京東美股目標價從44美元下調至40美元,港股目標價則由173港元降至157港元。
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