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《大行報告》麥格理下調美團(03690.HK)目標價至316元 評級「中性」
阿思達克 03-29 09:43
麥格理發表研究報告指,美團(03690.HK)去年第四季大幅虧損擴大符預測,期內核心業務餐飲外賣及到店發展步伐健康,大致符合預期。

管理層透露今年投資計劃將積極進取,該行表示,與其他公司不同,美團對前景有清晰及系統性規劃,對整個業務趨勢亦有詳細見解,但考慮到今年投資將加大,由預期的每季投資30億至40億元人民幣,提升至60億至70億元人民幣,加上平均訂單價值似乎由疫情期間的約45元人民幣水平回落至40元人民幣,對其維持「中性」評級。

麥格理預計,美團股價仍將維持區間波動,強大的執行能力將成為長期利好因素。但同時投資高於預期及成本顯著上升,令該行下調美團今明兩年預測,將非國際會計準則淨利潤預測下調364%及102%,認為今年將錄綜合經營虧損,目標價相應由362元降至316元。

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