《大行報告》瑞信降美團(03690.HK)目標價至374元 料首季經調整虧損37億人民幣
瑞信發表報告表示,就美團(03690.HK)將於本周五(28日)公布今年首季業績,該行預期美團首季收入可錄按年增長109%至350億元人民幣,估計其經調整虧損為37億元人民幣,主因投資「美團優選」所致。
該行指,預期美團首季外賣方面收入可按年增長115%,主因訂單增長(料升110%)帶動,每單經營溢利為0.34元人民幣,按季錄增長。店內及酒店業務方面,因應疫情改善見復甦,該行預期美團相關收入增104%,經調整經營溢利為24.6億元人民幣。該行估計美團首季新項目虧損擴大至85億元人民幣,當中美團優選業務佔其中虧損60億元人民幣。
瑞信指,基於預期內地未來外賣佣金改變、「美團優選」的最新情況、監管部門對反壟斷調整結果等,決定上調對美團2021年每股經調整虧損預測1.4%至1.34元人民幣,並下調對其2022年每股經調整盈利預測9.9%至1.75元人民幣,對美團目標價由410元降至374元,維持「跑贏大市」評級。
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