瑞信:升美團點評(3690.HK)目標價至135港元 指盈利透明度改善
瑞信發表研究報告指,預視美團點評(03690.HK)在強勁的訂單量增長、廣告收入貢獻提升等帶動下,收入將繼續增長,因此預期2019年可扭虧為盈賺32.63億元人民幣,並輕微調升今年盈利預測至90.95億元人民幣。
瑞信預期,低線城市滲透率低迷、簡餐及甜品外賣訂單量增加及餐廳供應增加等,內地外賣行業今、明財年行業交易總值增幅將平穩放緩至30%及25%;但美團過去持續有序的投資或有助於進一步擴大市場份額,其數字化的平台營銷優勢亦可將廣告場境由外送業務,延展至其他本地消費領域,預計高利潤的廣告業務收入將在兩年內翻倍。
同時,據該行估算,未來兩年每張訂單的人力成本可能會從目前的7.2元人民幣,進一步降低5%至6.8元人民幣。基於美團外賣業務穩健的往績記錄,盈利透明度改善,瑞信將其目標價從120港元上調至135港元,維持“跑贏大市”評級。

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