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花旗升美团点评(3690.HK)目标价至88港元重申“买入”评级
格隆汇 08-26 16:10
花旗发表报告指,美团点评(3690.HK) 次季业绩首次扭亏,主要受惠餐饮外卖业务经营首次转赚,而新业务亦带动毛利复苏,但管理层承认需要再投资以深化与商户之间的合作、扩张外卖能力以及改善用户体验,反映下半年利润或会面临挑战。
该行指出,对公司外卖业务转亏为盈以及新业务投资规模缩减已早有预期,相信部分因素已体现在过去数周的股价表现上。该行认为公司次季扭亏反映其“ 食物+平台 ”模式可大规模扩张并有利可图,但由于公司将优先考虑长期增长,故下半年利润或暂时转差,该行对美团的执行能力仍然正面,重申“ 买入 ”评级,目标价由78港元升至88港元。
该行将公司2019-21年收入预测分别升1.6%、2.4%及2.4%,而2020及2021年按非通用会计准则计算的净利润预测则升30.9及30.2%,估计今年全年仍录经调整净亏损约10.9亿元人民币。
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