《大行报告》瑞信上调美团(03690.HK)目标价至400元 评级「跑赢大市」
瑞信发表报告指,相信内地生活用品电商渗透率自去年的10%,至2025年将提升至33%。报告指,社群采购将是电商间主要竞争,相信相关部份市场价值至2025年可达1.5万亿元人民币。
报告指,美团(03690.HK)可掌握此结构性增长趋势,主要由於其生活用品种类齐全,及其具有线下大额订单处理经验,并有多种业务配套,目标价自340元上调至400元(估值采用分部加总方式)。为反映预测相关业务分部在2021年及2022年带来额外亏损140亿元人民币,降美团该两年盈测分别68%及38%。
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