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《大行報告》瑞信:投資者憂美團(03690.HK)收取佣金及訂獨家合約面臨監管風險
阿思達克 04-13 14:22
瑞信發表報告指,投資者普遍擔心美團(03690.HK)多於騰訊(00700.HK),因為美團有向商戶抽成及訂立獨家合約等,難免會受到監管壓力,不過與阿里巴巴(09988.HK)比較,公司食物外送業務的利潤相對較薄,所以投資者擔心潛潛在罰款對公司影響將會更大,同時美團於社區團購方面未來數年將繼續投資。

該行認為有別於電商平台的抽成,美團的抽成亦包括騎手,所以不認為公司有收取「不公平地高」的佣金,不過過往公司曾與商戶簽獨家協議,或屬風險之一,但公司的騎手在下行週期時是內地就業重要一環,對社會有重要貢獻。總體而言該行相信大型互聯網龍頭將有更多風險,但有別於阿里的巨額罰款,監管機構或會採取不同方向,例如是約談、推出指引等,同時互聯網龍頭亦要自我約束,向公眾作出承諾等。

至於騰訊,瑞信指市場主場憂慮主要包括微信屏蔽部分競爭對手的連結或惹反壟斷憂慮,同時公司在遊戲領域具領導地位,在微信小程序的生態系統方面亦鮮有競爭。

就阿里巴巴因壟斷被罰後,瑞信指投資者擔心整改後公司收入及利潤將受影響,不過該行相信對公司收入影響有限,因為來自新商戶服務的收入可抵銷相關影響,而每年投資50億至100億元人民幣(下同)的影響市場亦已反映。

該行認為,阿里巴巴難免要放棄部分的盈利機遇,但同時亦會提供新服務及技術以抵銷相關影響,考慮到監管機構要求平台避免向商戶收取「不公平地高」的佣金,該行相信平台將聚焦於提供更多增值服務及工具,估計有助商戶提升投資回報率,同時亦助留客,總括而言該行料抽成不會顯著下跌。(el/w) ~

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