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《大行报告》瑞信降美团(03690.HK)目标价至374元 料首季经调整亏损37亿人民币
阿思达克 05-25 14:17
瑞信发表报告表示,就美团(03690.HK)将於本周五(28日)公布今年首季业绩,该行预期美团首季收入可录按年增长109%至350亿元人民币,估计其经调整亏损为37亿元人民币,主因投资「美团优选」所致。

该行指,预期美团首季外卖方面收入可按年增长115%,主因订单增长(料升110%)带动,每单经营溢利为0.34元人民币,按季录增长。店内及酒店业务方面,因应疫情改善见复苏,该行预期美团相关收入增104%,经调整经营溢利为24.6亿元人民币。该行估计美团首季新项目亏损扩大至85亿元人民币,当中美团优选业务占其中亏损60亿元人民币。

瑞信指,基於预期内地未来外卖佣金改变、「美团优选」的最新情况、监管部门对反垄断调整结果等,决定上调对美团2021年每股经调整亏损预测1.4%至1.34元人民币,并下调对其2022年每股经调整盈利预测9.9%至1.75元人民币,对美团目标价由410元降至374元,维持「跑赢大市」评级。

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