《大行報告》瑞信上調美團(03690.HK)目標價至436元 評級「跑贏大市」
瑞信發表研究報告指,料美團(03690.HK)去年第四季收入將按年升30%至367億元人民幣(下同),而經調整淨虧損將為17億元,主要由於「美團優選」快速增長方面的投資。
按分部來看,該行料美團期內食物派遞收入按年升35%,而訂單量則升32%,平均訂單價值亦有擴張,每張訂單溢利料按季持平在0.24元水平,而收入復甦的因素部分被冬季騎手成本增加所抵銷,到店及酒店分部則正自疫情復甦,估計收入將按年升12%,經調整溢利料為27億元。在新業務方面料經調整虧損將擴闊至60億元,當中包括「美團優選」虧損約28億元。
該行認為可留意美團各分部今年的增長前景,以及集團對「美團優選」的更新,估計其GMV已在行業領先,另外亦要留意近期內地部分地區爆發疫情帶來的影響。
瑞信將今年「美團優選」虧損預測上調至200億元,以反映GMV提升的影響,去年及今年的每股盈測則分別降43%及82%,決定上調對美團目標價,由400元升至436元,以反映估值提升,維持「跑贏大市」評級。(el/w) ~
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