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《大行報告》美銀證券下調美團(03690.HK)目標價至357元 維持「買入」評級
阿思達克 03-29 14:21
美銀證券發表研究報告指美團(03690.HK)在外賣業務方面見健康增長,其中訂單增33%,訂單值增5%。月活躍用戶在第四季亦見倍升,去年12月,平均訂單頻率達6,當中有更多高級餐廳,以及不同種類的食品加入,反映用戶需求持續增長。

該行指,競爭與津貼大致持平,為減少佣金規管壓力,公司正收取更多額外費用,如車手費等,公司亦計劃今年店內和酒店部份收入增速加快,因去年低基數所致。該行預期外賣、到店/旅遊業務合計2019至23年收入年複合增長率可達36%,更可藉經營槓桿改善利潤率,維持「買入」評級,目標價則由397元降至357元,以反映對2021至23年每股盈利預期下調。

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