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《大行報告》美銀證券下調京東-SW(09618.HK)目標價至149元 評級「買入」
美銀證券發表研究報告指,京東-SW(09618.HK)(JD.US)第三季收入按年增長1.7%至2,477億元人民幣,與該行及市場預期基本一致,期內京東零售營業額按季持平,而京東物流(02618.HK)收入則按季增長16%。 該行指出,第四季內京東「雙11」大促銷期間實現用戶及訂單數量的雙位數增長,但考慮到宏觀經濟仍然疲軟,本季餘下時間的市場需求依然存在巨大不確定性,因此對第四季表現看法審慎,預測京東零售及集團收入將增長0.2%及3%。 基於市場表現疲軟,美銀將京東明年收入增長預測下調2%,料按年升幅約6%,Non-GAAP淨利潤預測亦下調2%,目標價下調至149元。京東管理層對明年鞏固零售商市場份額有信心,並預期集團GMV增長幅度可超過中國零售總額表現,美銀重申「買入」評級,H股目標價由169元降至149元。
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