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花旗:升美團點評(3690.HK)目標價至108港元 評級“買入”
格隆匯 11-22 11:33

花旗發表的研究報告指,美團點評(03690.HK)外賣業務交易規模增長加快,加上毛利率有改善,而新業務方面的虧損亦有所收窄,帶動公司盈利表現,儘管季節性弱勢以及用户補貼增加,但食品業務經調整後仍能盈利,主要是受規模及效率提升,以及用户需求強勁等因素帶動。

展望將來,管理層重申重視長期增長多於短期的盈利,並將繼續按自己的步伐投資以帶動市佔增加,同時改善對商户及騎手的服務。公司亦指出,有意將「到店」方面的盈利再投資至酒店方面,特別是高端酒店上。該行對其執行能力有信心,亦相信公司能將平台效益轉換成可持續的長期增長,並帶動盈利能力改善,維持“買入”評級,目標價由107港元升至108港元。

該行將公司2019至2020年的整體收入預測分別上調1.6%、1%及0.9%,而2020至2021年按非通用會計準則計算的淨利預測則分別升3.7%及1.8%,並估計2020年外賣業務經調整經營利潤率將為3.2%,即每單利潤為0.21元人民幣。

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