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海通國際:美團(03690.HK)市場定位鞏固 投資者對「餓了麼」威脅過度憂慮
阿思達克 06-15 14:54
海通國際發表報告表示,美團點評(03690.HK)近月股價累升48%,跑贏恆指同期47%,相信美團點評股價抽高主要是旗下美團餐飲外賣於4月及5月數據強勁,兼且對其入股「嘩啦啦」發展策略感到鼓舞,以及受惠港股市場流動性因素。

該行亦認為,投資者近期對來自同業「餓了麼」所取得市場份額憂慮過度,並相信美團點評業務實踐將可再提振股價表現,指其市場定位鞏固,維持對美團點評「買入」評級,按綜合方式作估值,對其目標價由152.7元上調至181.2元,予其餐飲外賣業務估值相當每股市銷率5倍(相當每股95.7元)、予其到店及旅遊業務估值相當預測明年企業價值對EBITDA的15倍(相當每股32.5元),以及新業務每股估值53元。

海通國際升美團點評今年每股盈利預測3%,以反映其月度活躍用戶(MAU)錄強勁增長。該行料美團今明兩年每股攤薄盈利為0.57及3.27元人民幣。(wl/u)

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