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《大行報告》花旗上調美團(03690.HK)目標價至495元 評級「買入」
阿思達克 02-08 10:04
花旗發表的研究報告維持對美團(03690.HK)「買入」評級,目標價由336元升至495元,認為受惠市場認可及社區團購方面表現進取等,公司股價今年以來升36%。在競爭激烈及平台策略方面的投入下,現時估算新業務經營虧損於2021/22年將擴大至250及230億元人民幣。該行料去年第四季公司表現將穩健,期內食物快遞勢頭及到店業務持續復甦,之後將聚焦於市場份額及美團優選的經營數據等,而該行的目標價反映其日用品零售業務估值達6,330億元。

該行調整了對公司2020-23年收入預測,分別調整0%、4.3%、8.1%及11.3%,而非通用會計準則計算淨利則料跌46%、81%、43%及29%,以反映新業務虧損擴大、投資增加及美團優選滲透率提升。

該行估計第四季公司收入將按年升32%至372億元人民幣,按非通用會計準則計算淨虧損12億元人民幣,該行估計食物快遞的整體交易額將按年升36%至1,530億元人民幣,日均訂單量升31%至3,550萬張,平均單價則升5%,意味變現率將為13.8%。在到店方面,該行料收入將按年升11%至71億元人民幣,而新業務收入料升49%至91億元人民幣。(el/u) ~

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