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大摩升美团点评(3690.HK)目标价至78港元评级“增持”
格隆汇 08-26 16:33
摩根士丹利发表研究报告指,美团点评(3690.HK) 在有利的季节性因素和经营杠杆下,第二季表现稳固,胜预期,显示出外卖业务是具有盈利前景的业务。该行预料美团2019年经调整净亏损收窄至17亿元人民币,同时将2020年及2021年每股经调整盈测分别调高4%及6%,至分别1.08元人民币及2.46元人民币。
报告指美团上半年业绩超预期,以及长线盈利能力能见度改善。不过仍然关注下半年市场的竞争局面。预料下半年外卖业务经调整后经营亏损少于20亿元人民币,上年度则蚀约12亿元人民币。考虑到持续成本优化及潜在投资,店内、酒店及旅游业务经调整后经营利润率 ,则料由第二季度的36%,在下半年正常化至30.5%。
该行将美团目标价由75港元升至78港元,维持“ 增持 ”评级。
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