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《大行报告》大摩:美团(03690.HK)遭调查市场不意外 或可除不明朗 重申「增持」评级
阿思达克 04-27 10:42
摩根士丹利发表报告表示,就内地市场监管总局对美团(03690.HK)涉嫌垄断行为立案调查,美团指将积极配合反垄断法调查,该行相信美团被立案调查的事件不会令市场感到意外,随着美团早前已进行股本集资计划後,相信潜在面临罚款的影响相对可控。

该行认为,监於阿里巴巴(09988.HK)(BABA.US)被调查的先例,预计市监局今次对美团的调查时间将较短,而调查结果将消除市场对美团主要悬而未决的不明朗因素,维持对美团「增持」投资评级及目标价420元。

大摩表示,对美团遭当局调查并不会令市场感惊讶,因为美团被认为是继阿里巴巴之後反垄断风险最高的内地平台公司,而商家独占性一直是美团和阿里旗下饿了麽之间的主要战场之一。参考内地对阿里巴巴的反垄断罚款,占2019年阿里巴巴国内销售额的4%,该行估计美团的相关罚款为46亿元人民币或7亿美元,指潜在罚款将相当於美团集资後约4%现金,或目前市值的0.3%。

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