《大行報告》招銀國際降京東(JD.US)目標價至52美元 推動用戶增長和用戶體驗改進
招銀國際發表研究報告指,預計京東(JD.US)2023財年第四季收入增長符合預期,而盈利則勝於預期,主要是由於成本控制比預期理想。該行預計今年用戶體驗改善和GMV份額增加,及集團繼續以推動新用戶增長為首要目標。考慮到對春晚的額外投資,及推動今年用戶和GMV增長的潛在舉措對盈利的影響,將目標價由57.5美元下調至52美元。
該行表示,雖然京東的業務轉型仍需要時間才能取得成果,但認為其當前的估值並不高,而2022至2025年非通用會計準則盈利複合年增長率為12%,維持其「買入」評級。該行又維持對集團2023至25年的收入及非通用會計準則淨收入預測,但削減2024非通用會計準則淨收入預測7%。
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