《大行報告》瑞信:美團(03690.HK)若為外賣騎手全面支付社保 料單位騎手成本將升10%
就南京市政府近日出台《關於規範新就業形態下餐飲網約配送員勞動用工的指導意見(試行)》,要求企業需為全職外賣騎手繳付社會保障金,瑞信發表報告表示,料南京市政府要求會成內地各地方政府「先例」,其他地區有可能跟隨並作出要求,按美團(03690.HK)目前與外賣騎手屬外判合約形式進行業務,並無支付任何社會保障金。
該行表示,若按最壞情境作出評估,即美團要為外賣騎手全面履行支付社會保障金,料單位騎手的成本將上升10%,該行認為美團可以通過優化騎手組合及透過削減補貼以減輕相關影響。據內媒報道,美團正在完善送餐佣金的機制,以提高透明度並緩解當前監管環境下的擔憂。
瑞信表示,續喜愛美團的強大執行力,並對公司在內地服務領域的長期發展前景具信心,但於短期內,因內地反壟斷調查的持續及社會保障金事件的潛在影響,可能會影響該行對美團的的估值看法。而瑞信維持美團「跑贏大市」評級及目標價410元。
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