《大行报告》美银证券下调美团(03690.HK)目标价至357元 维持「买入」评级
美银证券发表研究报告指美团(03690.HK)在外卖业务方面见健康增长,其中订单增33%,订单值增5%。月活跃用户在第四季亦见倍升,去年12月,平均订单频率达6,当中有更多高级餐厅,以及不同种类的食品加入,反映用户需求持续增长。
该行指,竞争与津贴大致持平,为减少佣金规管压力,公司正收取更多额外费用,如车手费等,公司亦计划今年店内和酒店部份收入增速加快,因去年低基数所致。该行预期外卖、到店/旅游业务合计2019至23年收入年复合增长率可达36%,更可藉经营杠杆改善利润率,维持「买入」评级,目标价则由397元降至357元,以反映对2021至23年每股盈利预期下调。
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