《大行報告》大和下調美團(03690.HK)目標價至450元 評級「買入」
大和發表研究報告指,除近期的監管風險外,市場較關注美團(03690.HK)的商戶數量的增長及變現率的改善,預期在現今市況下美團佣金費率將保持平穩,交易總值將成為公司短期增長動力。
大和預期,當局鼓勵就地過年,首季餐飲外賣業務訂單量有所復甦,預期將按年回升110%,在變現率改善下,與去年較低基數相比,首季收入預期按年增長114%。至於到店、酒店及旅遊業務,大和估計本地旅遊活動已恢復,今年首季收入將增長105%,非通用會計準則下經營溢利率料達38.6%。
該行指出,美團於4月透過配售及發行可轉換債券籌集約10億美元資金,估計未來投資步伐將更進取,預測今年淨虧損將達250億元人民幣,當中美團優選首季非通用會計準則虧損預期達60億元人民幣,明年整體虧損料收窄至240億元人民幣。
大和考慮到對美團優選的投資增加,將今明兩年盈利預測調低20億至60億元人民幣,重申「買入」評級,將目標價由500元下調至450元。
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