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《大行报告》麦格理下调美团(03690.HK)目标价至267元 评级「中性」
阿思达克 05-31 09:59
麦格理发表的研究报告指,美团(03690.HK)首季盈利及展望均好过预期,期内收入370亿元人民币(下同),好过市场预期,而按非国际财务报告准则计算,净亏损39亿元,不过新业务亏损次季有机会扩阔。

该行认为公司核心餐饮外卖业务表现稳健,期内平均每张订单0.4元的单位经济效益表现好过预期,受惠商户消费环境改善,到店及旅游增长亦快过预期。

该行估算指出其社区团购业务「美团优选」收入约为9亿元,弱过竞争对手拼多多(PDD.US),而美团的平均订单价值及产品供应亦较弱,对公司每周仅处理逾1,000件产品感意外,认为或反映了美团在电商、供应链等缺乏经验,拖累产品规模表现。期内优选录58亿元亏损亦高於该行对拼多多的预测,而冷链开支亦反映踏入夏季亏损将进一步扩阔,故料假如亏损之後未有收窄,美团或会将订单目标下调。此外该行认为社保开支将拖累公司下半年及2022年初的表现,虽然平均骑手额外开支有限,但对公司仍会造成影响。

该行将公司2021/22年盈利预测分别升11%及232%,以反映新业务表现较弱及餐饮外卖、到店表现理想的因素,认为公司评级有进一步下调的风险,将核心业务估值倍数下调,目标价由316元降至267元,评级维持「中性」,认为第二、三季亏损有机会扩阔,而新业务亏损显着高於同业亦将挫股价。(el/k) ~

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