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《大行报告》大摩上调美团点评(03690.HK)目标价至135元 指长线前景理想
阿思达克 05-26 11:58
摩根士丹利发表报告表示,美团点评(03690.HK)首季收入及经调整亏损表现均胜於预期,新冠疫情後外卖业务强劲地恢复,且出现正面结构性改变。该行指美团在外卖业务收入增长胜同业,新业务投资有可能带来成果,该行维持对美团「增持」投资评级,上调目标价由120元升至135港元,相当预测明年市销率4.8倍,指长线前景理想。

该行指,美团点评股价由年初以来已累升21%,投资者相信新冠疫情影响仅属短暂性,兼且料内地服务型电商增长前景巩固,并指美团点评首季业绩可扫除市场忧虑。该行重申对美团点评「增持」评级,料美团在内地本土市场具领先优势,料其收入增长可领先同业(料2019年至2021年复合增长率为27%),随着其经营规模扩大及作出新投资,料其毛利率潜在可获提高。

大摩料美团点评於2020年至2022年每股盈利分别为0.64、2.65及3.89元人民币,2020年至2022年经调整每股盈利预测分别为0.42、2.59及3.61元人民币。

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