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《大行報告》野村料美團(03690.HK)第二季收入按年升73% 非通用會計準則營運虧損36億人民幣
阿思達克 07-20 14:30
野村發表的研究報告指,預期美團(03690.HK)次季收入按年升73%至428億元人民幣,與市場預期一致,非通用會計準則營運虧損料為36億元人民幣,好過市場預期的47億元人民幣,主要受惠社區團購在監管環境下補貼有限,因此相信每股虧損將為0.58元人民幣,好過市場預期的0.7元。

野村估計公司餐飲外賣收入升57%至229億元人民幣,與市場預期一致,主要受惠訂單規模升57%,而抽成亦增0.4個百分點。按非通用會計準則計算,經營利潤率有望擴張0.9個百分點至9.5%,稍高於市場預期的9%,而餐飲外賣經營溢利則為22億元人民幣,高於市場預期的20億元人民幣。

在到店收入方面該行料按年復甦90%至86億元人民幣,稍高於市場預期,按非通用會計準則相關經營溢利為34億元將,同樣高於市場預期,經營利潤率料為39.5%,大致符市場預期。

據該行的渠道調查,自第二季以來社區團購平台已減少補貼,以應對監管增加,同時該行估計美團的社區團購業務期內虧損收窄,料新業務虧損91億元人民幣,少過市場預期的100億元人民幣虧損,主要受惠社區團購虧損估算下降,料新業務收入將為110億元,與市場預期一致。

該行維持對美團「買入」評級,目標價346港元,對其餐飲外賣業務估值為1,170億美元,到店、酒店及旅遊業務估值為590億美元,新業務估值則為950億美元。(el/u) ~

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