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《大行報告》野村下調京東-SW(09618.HK)目標價至142元 評級「買入」
野村發表研究報告指,京東-SW(09618.HK)的第三季收入疲弱但符合預期,按年增2%至2,480億元人民幣。由於利潤率較高,其盈利按年增7%,超出市場預期。集團的三大業務利潤率均優於預期。京東零售的營運利潤率按年持平至5.2%,而該行的預測爲4.8%。該行預計京東零售第四季的收入將與去年同期持平,而由於補貼和商家的投資,其營運表現或跌0.7個百分點至2.4%。該行又料京東零售的收入將在2024財年增長5%(2023財年爲增長1%)。 該行相信,京東便宜的估值和年度股息值得投資者密切留意,將2024財年的營收預測上調3%,而2023及24財年的每股盈測則各自下調2%。該行維持公司「買入」評級,目標價由174元下調至142元。
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