You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩:監管要求平台須維護送餐員工權益 或影響美團市場情緒 惟料成本可轉嫁用戶
阿思達克 07-27 11:19
就內地市場監管總局等部門聯合印發《關於落實網絡餐飲平台責任切實維護外賣送餐員權益的指導意見》,督促平台及第三方合作單位為建立勞動關係的外賣送餐員參加社會保險,支持其他外賣送餐員參加社會保險,摩根士丹利發表報告表示,內地相關指導方針給美團(03690.HK)核心外賣業務帶來風險,並可能影響市場情緒。

該行指,美團回應指已收到並認真學習當局的指導意見,此前積極配合政府相關部門開展實地調研和座談,主動匯報溝通相關情況,又強調一直致力於合規經營,努力保護包括騎手在內的平台相關主體的正當權益。

大摩認為,內地當局最新指引顯示出關注相關彈性工作制員工的安全和權利,認為未來彈性工作制員工的社會保障政策可能會進一步發展。在財務影響方面,該行認為指引對美團的外賣業務構成風險,可能會推遲其1P業務(平台負責配送)的盈利進程。根據該行預估,假設美團在2022年開始產生額外成本,騎手成本每增加5%,2022年至2025年1P業務每單外賣利潤就會減少約0.4元人民幣,導致1P業務的單位經濟效益預測分別為每單-0.03元、0.2元、0.7元和1元人民幣。因此,至2015年混合食品配送的單位經濟效益將為1.3元人民幣,較該行對其2025年每筆訂單基本假設的單位經濟效益1.6元人民幣低19%。

該行指,目前對美團增加的騎手成本的規模的了解有限,鑑於外賣領域相對良性的競爭格局,該行預計美團或可以將相關成本轉嫁給用戶。大摩認為在多年的時間框架內,可以實現更高的外賣費用或進一步削減補貼。該行期望能從美團管理層評論中獲得更好的可見性,以量化對業績財務影響。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account