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《大行報告》大和上調美團(03690.HK)目標價至500元 到店、酒店及旅遊板塊料獲重評
阿思達克 01-27 11:51
大和發表研究報告,指美團(03690.HK)料將於3月底公布去年業績,該行過去報告曾指美團在社區團購市場上較同業有更大成功機會。過去兩個月,該行留意到訂單量增長較預期快,該行向美團優選獨立進行估值,以反映其在整體潛在市場市佔擴張。

該行亦預期美團到店、酒店及旅遊板塊今年有具意義的重評,主因本地旅遊及本地服務收入復甦料勝市場預期。報告下調美團2021至2022年經調整盈測介乎56%至98%,以反映投資開支增加;惟上調目標價,由370元升至500元,維持「買入」評級。

大和料美團去年末季送餐收入按年升34%,受惠訂單按年增32%及每宗平均消費按年升4.5%。該行料受惠去年低基數,今年送餐收入料按年升56%。另到店、酒店及旅遊方面,該行料末季收入按年升11%,源於到店用餐仍受疫情反覆影響,本地服務商戶推廣開支仍在恢復。隨著境內旅遊全面復甦及線下本地服務活動增加,該行料今年美團到店、酒店及旅遊收入按年升55%。

美團新業務方面,該行料去年末季虧損擴大至60億元人民幣,主因共享單車季節性疲弱、利潤率較低的美團閃購及Kuailv供應鏈收入貢獻佔比上升;由於社區團購仍屆早期投資階段,料美團優選末季帶來約30億元人民幣虧損。不過,在強勁勢頭下,料美團優選今明兩年收入分別達130億及307億元人民幣。

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