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大摩:升美團點評(3690.HK)目標價至105港元 評級“增持”
格隆匯 10-21 11:23

摩根士丹利發表研究報告,將美團點評(03690.HK)第三季收入預測上調2%至259億元人民幣(下同),意味將按年增36%及按季增14%,較市場預期高1%,主要反映外賣訂單的上行空間,另外亦預計淨利潤率及外賣業務利潤率改善。該行估計第三季集團經調整溢利將為1億元,優於早前預期淨虧損13億元,主要受惠外賣服務及新業務成本協同,將其目標價由78港元升至105港元,評級“增持”

在外賣業務方面,大摩估計美團訂單將有強勁表現而利潤亦有改善,預期第三季相關收入將達151億元,按年增長35%、按季增長17%,而日均訂單量增長則維持在34%的水平,高於早前預測,主要受惠一、二線城市市場份額提升。該行預期外賣業務經調整經營利潤第三季將達收支平衡,主要因為規模擴張、價格競爭減少等,雖然第四季受季節性成本架構影響仍料錄虧損,但全年計外賣業務經調整利潤將達收支平衡。

另在到店消費、酒店及旅遊方面,大摩估計相關收入將按年升36%至60億元,當中廣告貢獻將支撐利潤表現,料毛利率將達89%而按非通用會計準則計算第三季經營利潤率則料約35%。而在新業務方面,該行估計收入將按年增40%至49億元,並估計第三季相關毛利錄約5億元。

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