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《大行報告》瑞信下調美團點評(03690.HK)目標價至132元 評級「跑贏大市」
阿思達克 03-26 09:48
瑞信發表的研究報告指,美團點評(03690.HK)將於3月30日公布去年第四季業績,該行估計其整體收入將為280億元人民幣(下同),按年增長42%,而經調整溢利則為8.69億元。該行指出,除第四季的業務外,主要焦點應落在疫情對公司的影響及展望,在外賣業務方面,該行認為規模將於4月回復正常,但今年餘下時間抽成比例或會較低,主要因為組合轉向連鎖餐廳,同時亦要支援小型餐廳。而平均騎手每宗交易成本或會在首季提升0.5至1元,主要因為首季有提供補貼,但中期而言免接觸外賣服務有空間可提升效率。而在供應方面,疫情爆發後亦有越來越多餐廳參與。

而在到店及酒店業務方面,該行認為首季將受到拖累,但由於美團主要聚焦於本地及低端方面,故料會有較快的復甦,而點評方面的廣告收入亦主要是來自本地的中小企,故長遠而言亦會拖累表現,料廣告收入增長將放慢至10%。

該行將公司2020及2021年的盈利預測分別降75%及14%,以反映疫情帶來的影響,相信短期挑戰已反映在股價上,對其本地客戶服務長遠增長潛力有信心,維持「跑贏大市」評級,目標價由135元降至132元。

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