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匯豐研究:升美團點評(3690.HK)目標價至111港元 指在同業中具競爭力
格隆匯 10-10 13:10

匯豐環球研究發表報告表示,預期美團點評(03690.HK)於今年下半年可提升效益、食品速遞業務受惠規模擴大,料近季可再錄得收支平衡,認為公司仍具競爭力,重申“買入”投資評級,對其目標價由95港元上調至111港元,此按現金流折現率作估值,相當預測今年股價營收比(P/S)的6倍,對比內地同業為3.4倍。

該行對美團點評今年每股虧損預測由原來0.47元人民幣(下同),修定至虧損0.31元,調高對其2020年至2021年每股盈利預測各60.6%及15.4%,分別至0.86元及1.59元。

匯豐環球研究認為美團在內地同業中具競爭力,早前與曾經在內地為必勝客營運電商推廣業務的專家會面,指第三方食品速遞佔必勝客75%外賣訂單,其中美團點評佔50%,餓了麼佔25%,指美團在內地廣泛城市具覆蓋,在邊遠城市覆蓋優於餓了麼,指美團基於訂單價值較高和付運速度,有能力向商家收取更多費用。

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