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《大行報告》瑞銀下調降京東健康(06618.HK)評級至「中性」 目標價下調至40.2元
瑞銀發表報告,將京東健康(06618.HK)評級由「買入」下調至「中性」,目標價由80元大削至40.2元,認為消費疲弱及監管收緊,短期對行業造成逆風,不過仍然偏好京東健康在供應鏈方面的競爭優勢,以及長期的策略定位,又認為長遠而言,市場毋須過份悲觀,相信互聯網醫藥平台滲透率仍然有龐大提升空間。 該行將京東健康2023至2025年三年期間的收入預測下調13至21%,估計分別增長15%、24%及28%,較過去兩年逾50%的增長顯著放緩,但相信股價已大致反映,目前該股估值合理,新的目標價反映明年預測市銷率1.8倍,預測市盈率(以經調整盈利計算)為27倍,處於互聯網健康護理及藥物分銷同業的平均水平。
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