大行評級|大摩:上調京東物流目標價至9.5港元 維持“與大市同步”評級
摩根士丹利報吿指,扣除德邦及跨越貢獻,估算京東物流核心供應鏈業務首季帶來約3億元淨利潤,對比去年同季為約7億元淨虧損。該行料京東物流從京東所得收入將跑贏京東的直銷毛交易總額增長,受惠於京東降低免費付運門檻。電商平台競爭加劇或使京東逐步集中提升物流服務,支持京東物流核心供應鏈業務利潤率提升。
該行上調對京東物流今明兩年非國際財務報吿準則盈利預測各39%及20%,今年非國際財務報吿準則淨利潤率料改善至2.5%,勝於管理層1.7%至2%指引。該行對京東物流目標價亦由8.9港元上調至9.5港元,相當預測2025財年市盈率13倍,維持“與大市同步”評級。
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