交銀:上調美團(3690.HK)目標價至110.5港元 維持“買入”評級
交銀國際發表研究報告表示,美團點評(3690.HK)第三季度調整後淨利潤19億元(人民幣,下同),超出該行及市場預期,主要由於收入超預計及運營效率提升。期內收入為275億元,同比升44%,亦高於市場預期。該行將美團目標價由109.4港元,上調至110.5港元,維持“買入”評級。
報告預計,美團第四季度收入258億元,同比增長30%,由於淡季因素,環比則下降;並預計調整後運營利潤3.35億元,環比下降,主要由於較三季度高的單均配送成本及酒店業務補貼。
該行上調美團2019/2020年收入預期2%及3%,並將2019年調整後淨利潤上調至28億元,主要由於新業務虧損收窄及核心業務利潤率提升,預計2020年公司收入將繼續穩定增長,但新業務投入有機會重啟(如B端服務、新零售及共享單車)。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.