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《大行報告》高盛料美團點評(03690.HK)短期受疫情影響較深 維持「買入」評級
阿思達克 02-21 14:31
高盛發表研究報告,指將短期疫情的影響考慮在內後,重新評估對美團點評(03690.HK)三大業務的近期影響,現時預期其短期受疫情影響較深,今年首季收入料減少9%,第二季料增長11%,這主要是由於下調對其送餐訂單的預期、市民旅行及店內用餐等服務受嚴重干擾,以及雜貨與非食品交付的有利增長趨勢部分被運輸速度減慢所抵銷等原因所致。 該行指,支持商家的措施或會短期內對美團的盈利能力帶來負面影響,但認為這可能會進一步加強其與餐廳及商戶的關係,從而在這困難時刻實現進一步的數字化及對其商家進行更快的供給側改革。該行相信,公司在第二季起為餐廳及商家重新吸引顧客到店內消費有舉足輕重的作用,相信憑著其龐大的規模優勢將會能維持其領導地位。 考慮到疫情短期的影響,高盛將公司的2020年收入預測下調13%,經調整純利預測下調87%;2021年的收入及經調整純利預測則分別下調1%及5%。12個月目標價由原來的121元下調至116元,維持「買入」投資評級。
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