《大行報告》瑞信升美團(03690.HK)目標價至310元 料受惠線上滲透率加快
瑞信發表報告表示,美團(03690.HK)為內地外賣市場平台的領導營運商,具良好的執行力,該行重申對其「跑贏大市」評級,上調對其目標價,由300元升至310元,此按綜合方式作估值,對其外賣業務估值(每股188元)相當預測2022年市盈率36倍、予其到店及酒店平台業務估值(每股75元)相當預測2022年市盈率27倍、予其新業務估值(每股23元)相當預測2022年市銷率2.5倍。
該行認為,在新冠疫情下,美團未來可受惠於內地戶線上滲透率(包括外賣及線上的市場推廣)加快,藉改善商戶組合,可提升訂單平均金額、及迎來潛在更強廣告需求,指公司結構性推動力因素穩固。
瑞信料美團今年第三季外賣業務平台的訂單量及總交易金額,可按年各升30%及36%,相信其變現率按季可保持穩定。
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