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《大行報告》麥格理下調美團(03690.HK)目標價至267元 評級「中性」
阿思達克 05-31 09:59
麥格理發表的研究報告指,美團(03690.HK)首季盈利及展望均好過預期,期內收入370億元人民幣(下同),好過市場預期,而按非國際財務報告準則計算,淨虧損39億元,不過新業務虧損次季有機會擴闊。

該行認為公司核心餐飲外賣業務表現穩健,期內平均每張訂單0.4元的單位經濟效益表現好過預期,受惠商戶消費環境改善,到店及旅遊增長亦快過預期。

該行估算指出其社區團購業務「美團優選」收入約為9億元,弱過競爭對手拼多多(PDD.US),而美團的平均訂單價值及產品供應亦較弱,對公司每周僅處理逾1,000件產品感意外,認為或反映了美團在電商、供應鏈等缺乏經驗,拖累產品規模表現。期內優選錄58億元虧損亦高於該行對拼多多的預測,而冷鏈開支亦反映踏入夏季虧損將進一步擴闊,故料假如虧損之後未有收窄,美團或會將訂單目標下調。此外該行認為社保開支將拖累公司下半年及2022年初的表現,雖然平均騎手額外開支有限,但對公司仍會造成影響。

該行將公司2021/22年盈利預測分別升11%及232%,以反映新業務表現較弱及餐飲外賣、到店表現理想的因素,認為公司評級有進一步下調的風險,將核心業務估值倍數下調,目標價由316元降至267元,評級維持「中性」,認為第二、三季虧損有機會擴闊,而新業務虧損顯著高於同業亦將挫股價。(el/k) ~

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