高盛:升美團點評(3690.HK)目標價至121港元 評級“買入”
高盛發報告指,美團點評(3690.HK)
的股價由最近的高位(1月15日)累跌13%,對比恆指同期跌9%,相信是由於新型肺炎疫情爆發持續引起市場擔憂所致,但預期公司仍會持續在業務發展上增加投資以支持增長,維持“
買入
”評級,目標價由112港元上調至121港元。
高盛表示,對疫情發展無任何看法,相信美團的到店、酒店及旅遊業務最受影響,預測若疫情持續四個月,分部業務息税前利潤將降至83億元
(
人民幣,下同),若持續八個月則跌至約67億元。
但該行又指,市面餐廳關門令外賣需求特別是高端訂單有所增長,有助抵銷部分騎手人力成本的上升,預測免去受疫情影響地區商户佣金後,疫情持續四個月及八個月後的分部潛在息税前利潤可達43億元及41億元。
此外,管理層在第三季業績會上曾表明將不斷投資,高盛預測,第四季度收入增幅有望達37%,同時估計期內調整後淨利潤將降至3.06億元,因此維持2019年預測不變,並將2020至2021年收入預測下調1%至2%。
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