麥格理:首予美團點評(3690.HK)“跑贏大市”評級 目標價210港元
麥格理髮表研究報告,首予美團點評-W(3690.HK)“跑贏大市”評級,目標價210港元。
該行認為,最後一公里配送的物流網絡為餐飲服務及快速消費品電子商務增長的支柱,而美團車隊在最後一公里配送領域相當活躍。在未來的4至5年中,該行預計該集團將利用其物流網絡在市場上取得更強的優勢。
該行認為,其核心外賣業務收入及利潤增長持續改善,以及進入對企業及對消費者餐飲供應鏈服務領域,這均將成為帶動股價的動力。該行預計美團在2020至2024年之間的收入複合年均增長率44%,EBITDA複合年均增長率83%。
由於阿里巴巴-SW(9988.HK)集團將支付寶作為其本地服務擴展戰略的核心,並嘗試在今年下半年及明年重新獲得市場份額,預計競爭在未來幾個季度將加劇。
該行又認為,在食品服務市場擁有兩間龍頭企業,有助加快食品服務市場數碼化及食品服務行業工業化。該行相信美團在商户、客户及最後一公里配送的物流網絡之間建立了強大的合作關係,有助維持其在外賣市場的市場份額。

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