Market Brief

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Author

黎健聰先生 (Keith Lai)
高級交易員

現任職輝立高級交易員,對投資股票、期貨、期權、商品、債券、基金交易經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36670668

京東集團股份有限公司 - SW (9618)

Friday, April 30, 2021 Views7638

京東集團(9618.HK)

 

主要業務:

 

集團主要通過其零售移動應用程序及 www.jd.com 網站(統稱「京東平台」)經營電子商務業務,包括自營模式及平台模式。集團通過自營模式服務消費者,專注於產品選擇、價格及便利,通過平台模式服務第三方商家,提供程序令商家可在京東平台銷售產品並自行或通過貴集團的物流服務履行訂單。

 

最新業績:

 

截至2020年12月31日止12個月全年業績,錄得期內股東應佔溢利 494.1億元人民幣。 每股基本盈利 16.3496元人民幣。 不派末期股息。 期內,營業額為 7,458.0億元人民幣,毛利率為 14.6%。 (公佈日期: 2021年03月11日)

 

業務展望:


儘管市場環境依然充滿挑戰,但在公司的長期經營理念和以客戶為中心的價值定位推動下,京東第四季度收入和用戶數量實現了加速增長。本季度,京東持續推進以供應鏈為基礎的技術與服務戰略,不斷豐富公司收入的多樣性。公司強勁的發展勢頭在進入2021年以來得以延續,同時基於近期對公司架構的優化調整,京東將持續投資於創新、高增長潛力的業務,以助力公司長期可持續地增長。

 

股價分析:

 

股價因受惠疫情宅經濟的投資環境下上年股價上升至本年二月$422.8,後因大市見頂調整及業績後投資人對股價作出重估而作出調整,但股價走勢看在本月見本年底位$284(高位回落32.83%)有回穩情況,相信本年度業務因上年回歸香港第二上市及京東健康成功分拆上市集資作業務發展及擴張或會在今年會見收益回報,故本人預期在2021年第一季業績會同比上年第一季還未大受疫情影響時增長,也見投資市場有回穩情況,股市資金或會在第一季業績公布前流入及公司或再分拆京東物流成為股價上升的催化劑而使股價上升。在現股價市盈率15.821倍在科技股中都是比較低市盈率,故現股價十分吸引,建議買入。

 

現價: HKD 307

52週高/低: HKD 422.8 /HKD 226

市值: HKD 9549億

市帳率: 4.317倍

每股帳面價值: HKD71.115

(資料來源: 股運通)

 

 

股價SMA:

(資料來源: 股運通)

現在股價將受惠未來公布第一季業績帶來升值潛力,及現股價已回升上10天,20天線故相信業績公報前後其業務受惠疫情及業務分拆,預期可為股價提供支持向上。


 

買入建議:

建議買入價:$307  (20天線)  止蝕價:$284

目標價:$335(50天線)

 

 

投資風險:

1)業績出現毛利下跌

2)股市出現大幅下跌

3)公司成本大幅上升


註:本人黎健聰為証監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。


 

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