中金:美團(3690.HK)目標價上調至110港元 維持“跑贏行業”評級
中金公司發表研究報告稱,美團(03690.HK)第3季度收入與利潤率高於預期:得益於需求強勁以及市場份額增加,3Q19的GMV同比增速從上一季度的37%攀升至40%,且盈利能力持續穩健,到店業務增長勢頭更為強勁,預計新業務2020年非通用準則下虧損額在80億元人民幣左右,高於2019年70億元人民幣的預期。
該行將2019和2020年收入預測分別上調3.5%和2.2%,同時將非通用準則淨利潤預測分別上調約43億元和7億元人民幣。維持跑贏行業評級,將基於部分加總估值法的目標價從90港元上調22%至110港元(較當前股價有20%的上行空間,對應29倍2021年非通用準則預測市盈率)。當前股價對應24倍2021年非通用準則預測市盈率。

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.