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野村:上調美團點評(3690.HK)目標價至120港元 評級“買入”
格隆匯 11-25 12:38
野村發表的研究報告指,美團點評-W(3690.HK) 第三季收入按年增長44%至275億元人民幣,表現好過市場預期約6%,主要因為期內整體交易金額增長達34%。按非通用會計準則計算,期內盈利達19億元人民幣,大幅高於市場預期。而期內三大主要業務交易金額增長穩健,當中外賣業務變現率按年下跌5個基點,主要因為公司推出措施減少部分商户的固定平台費用,而廣告收入方面收入增長快速,總體而言外賣業務的變現率有望維持全年穩定。
該行估計公司外賣業務的交易金額及收入於2020財年將分別增長33%及34%,而按非通用會計準則計算經營利潤率將由1.7%改善至6%,主要因為訂購外賣已成為內地Z世代的生活模式,故每户下單頻率將有所提升。該行亦相信其經營效益改善,加上廣告收入貢獻增加亦有助改善其利潤率。
另外,該行估計2020年其“ 到店 ”、酒店及旅遊業務(ISHT)的交易額及收入將分別升20%及32%,因為公司計劃在酒店預訂業務方面增加投資,以提升市場份額,而第三季酒店房間晚數按年增長亦加快至44%。在新業務方面,該行估計2020年其收入增長將達50%,而經營虧損比率將收窄13個百分點。該行將公司2019及2020年收入預測分別升2%及3%,並將其目標價由107港元升至120港元,維持“ 買入 ”評級。

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