《大行报告》麦格理下调美团(03690.HK)目标价至316元 评级「中性」
麦格理发表研究报告指,美团(03690.HK)去年第四季大幅亏损扩大符预测,期内核心业务餐饮外卖及到店发展步伐健康,大致符合预期。
管理层透露今年投资计划将积极进取,该行表示,与其他公司不同,美团对前景有清晰及系统性规划,对整个业务趋势亦有详细见解,但考虑到今年投资将加大,由预期的每季投资30亿至40亿元人民币,提升至60亿至70亿元人民币,加上平均订单价值似乎由疫情期间的约45元人民币水平回落至40元人民币,对其维持「中性」评级。
麦格理预计,美团股价仍将维持区间波动,强大的执行能力将成为长期利好因素。但同时投资高於预期及成本显着上升,令该行下调美团今明两年预测,将非国际会计准则净利润预测下调364%及102%,认为今年将录综合经营亏损,目标价相应由362元降至316元。
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