《大行報告》美銀證券升美團(03690.HK)目標價至336元 料社區團購可提升收入
美銀證券發表報告指出美團(03690.HK)正擴大其社區團購業務「美團優選」,並已在10多個省份的50多個城市中建立據點,將會利用微信支付上的接入點來支持此業務。
該行指,公司尚未披露財務指標,但以同業的表現作參考,假設美團在2022年的規模相似,料此業務可以令該行對公司2021至2022年的收入預測分別上調約2%及4%。然而,相信今年下半年及明年的投資會更大,因為需要時間在各個城市建立足夠的規模以覆蓋促銷、營運及物流成本等。
該行將公司2020至2021年的每股盈利下調,以部分反映新業務錄逾70億元人民幣的年度虧損,並將2022年的每股盈利預測上調,反映新業務的足跡更趨穩定。目標價由原來的296元上調至336元,基於其用戶服務擴展,令用戶的參與度更佳,維持「買入」投資評級。
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