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高盛:升美團點評(3690.HK)目標價至121港元 維持“買入”評級
格隆匯 02-03 16:44
高盛發表報告指,美團點評(3690.HK) 股價已自上月中高位回落13%,多於恆指同期的9%跌幅,相信是由於市場關注武漢肺炎對美團店鋪、酒店及旅遊業務等盈利能力的影響。 該行相信,武漢肺炎對美團相關業務有潛在負面影響,若疫情持續四個月,料美團今年EBIT將僅錄得83億元人民幣,若疫情持續八個月則有可能進一步跌至67億元人民幣,遠低於該行早前預測的最少94億元人民幣。
至於美團食品速遞業務,該行相信影響受限,需求仍然存在,由於市民將避免外出用餐,不過美團亦或需提供更高薪金以吸引速遞員派送外賣,最終或導致向用户加價。 該行假設美團免除武漢區內餐廳佣金收費,若疫情持續四個月,有關業務今年EBIT將跌至43億元人民幣,若疫情持續八個月則有可能進一步跌至41億元人民幣,該行原先預期為45億元人民幣。
該行維持美團“ 買入 ”評級,目標價自112港元上調至121港元。

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