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海通国际:美团(03690.HK)市场定位巩固 投资者对「饿了麽」威胁过度忧虑
阿思达克 06-15 14:54
海通国际发表报告表示,美团点评(03690.HK)近月股价累升48%,跑赢恒指同期47%,相信美团点评股价抽高主要是旗下美团餐饮外卖於4月及5月数据强劲,兼且对其入股「哗啦啦」发展策略感到鼓舞,以及受惠港股市场流动性因素。

该行亦认为,投资者近期对来自同业「饿了麽」所取得市场份额忧虑过度,并相信美团点评业务实践将可再提振股价表现,指其市场定位巩固,维持对美团点评「买入」评级,按综合方式作估值,对其目标价由152.7元上调至181.2元,予其餐饮外卖业务估值相当每股市销率5倍(相当每股95.7元)、予其到店及旅游业务估值相当预测明年企业价值对EBITDA的15倍(相当每股32.5元),以及新业务每股估值53元。

海通国际升美团点评今年每股盈利预测3%,以反映其月度活跃用户(MAU)录强劲增长。该行料美团今明两年每股摊薄盈利为0.57及3.27元人民币。(wl/u)

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