《大行报告》大和下调美团(03690.HK)目标价至450元 评级「买入」
大和发表研究报告指,除近期的监管风险外,市场较关注美团(03690.HK)的商户数量的增长及变现率的改善,预期在现今市况下美团佣金费率将保持平稳,交易总值将成为公司短期增长动力。
大和预期,当局鼓励就地过年,首季餐饮外卖业务订单量有所复苏,预期将按年回升110%,在变现率改善下,与去年较低基数相比,首季收入预期按年增长114%。至於到店、酒店及旅游业务,大和估计本地旅游活动已恢复,今年首季收入将增长105%,非通用会计准则下经营溢利率料达38.6%。
该行指出,美团於4月透过配售及发行可转换债券筹集约10亿美元资金,估计未来投资步伐将更进取,预测今年净亏损将达250亿元人民币,当中美团优选首季非通用会计准则亏损预期达60亿元人民币,明年整体亏损料收窄至240亿元人民币。
大和考虑到对美团优选的投资增加,将今明两年盈利预测调低20亿至60亿元人民币,重申「买入」评级,将目标价由500元下调至450元。
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