星展:首予美團點評(3690.HK)“買入”評級 目標價122港元
星展發表報告,首予美團點評(03690.HK)“買入”評級,預期在公司強勁執行力帶動下,第四季收入將錄得雙位數增幅,料2019全年收入按年增43%。在外送業務帶動下季度總交易量或增長23%,有望於明年實現扭虧為盈。
該行指出,由於市場競爭和過去在技術上作出的投資,目前估計美團今年度繼續錄得虧損,但由於營業利潤率持續提高,交叉銷售模式將客流引到高利潤的業務,料至2020年將實現盈利,以現金流貼現模式(DCF)計算,給予目標價122港元。

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