《大行报告》瑞银上调美团(03690.HK)目标价至470元 社区团购提供强劲增长动力
瑞银发表报告表示,上调美团(03690.HK)2022年度及以後收益预测,源於最近拓展之网上杂货市场具吸引力,尤其是社区团购将成新增长动力;但预期毛利率会低於预期,因监管及社区团购方面的投资。
该行认为,由於目前优质互联网股数量不多,以及美团在电子商务中获得市场份额的能力,相信投资者将予其估值溢价。该行称,即使社区团购业务短期内对美团盈利能力带来影响,但对其长线增长前景有信心,因此料其2021及2022年度收益按年增长分别为63.5%及41.1%,经营溢利率则按年跌2%及升1.8%;维持其「买入」评级,目标价由340元上调至470元。
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