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高盛:美團(3690.HK) 第三季業績穩健 升目標價至112港元
格隆匯 11-22 16:32

高盛發表研究報告,將美團點評(03690.HK)的目標價由104港元上調7.69%至112港元,維持“買入”評級。

報告表示,美團第三季度業績穩健,其中外賣業務的增長加快,預計2020的每筆訂單息税前利潤(EBIT)為0.4元人民幣,訂單量增長至28%(此前為25%)。美團旗下商店、酒店和旅遊業務方面虧損額收窄,預計2019財年總收入為221億元人民幣,增長39%,調整後息税前利潤率為35%。高盛預計此業務收入在2020年將再增長31%,調整後的經營溢利達到100億元人民幣。

高盛認為,美團過去三個季度的核心利潤的提高為未來幾個季度提供更多資源投入。該公司在第四季度和2020年進行更大的投資項目,但通過在線營銷服務,在2020年實現盈利的目標有清晰的指引。高盛預計美團2019年及2020年的虧損分別為68億元及58億元人民幣。

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