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《大行报告》花旗上调美团(03690.HK)目标价至495元 评级「买入」
阿思达克 02-08 10:04
花旗发表的研究报告维持对美团(03690.HK)「买入」评级,目标价由336元升至495元,认为受惠市场认可及社区团购方面表现进取等,公司股价今年以来升36%。在竞争激烈及平台策略方面的投入下,现时估算新业务经营亏损於2021/22年将扩大至250及230亿元人民币。该行料去年第四季公司表现将稳健,期内食物快递势头及到店业务持续复苏,之後将聚焦於市场份额及美团优选的经营数据等,而该行的目标价反映其日用品零售业务估值达6,330亿元。

该行调整了对公司2020-23年收入预测,分别调整0%、4.3%、8.1%及11.3%,而非通用会计准则计算净利则料跌46%、81%、43%及29%,以反映新业务亏损扩大、投资增加及美团优选渗透率提升。

该行估计第四季公司收入将按年升32%至372亿元人民币,按非通用会计准则计算净亏损12亿元人民币,该行估计食物快递的整体交易额将按年升36%至1,530亿元人民币,日均订单量升31%至3,550万张,平均单价则升5%,意味变现率将为13.8%。在到店方面,该行料收入将按年升11%至71亿元人民币,而新业务收入料升49%至91亿元人民币。(el/u) ~

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