《大行報告》花旗料內地大型互聯網股或開展新股份回購計劃 以顯示管理層信心
對於市場監管總局等七部門聯合印發《關於落實網絡餐飲平臺責任切實維護外賣送餐員權益的指導意見》。花旗發表報告指,內地政府制定正式的指導原則,維護外賣員權益,並明確了網絡平臺的責任,雖然短期內可能對有關企業利潤造成影響,但儘快實施《意見》將有利於行業的長期健康發展。
花旗指,《意見》公佈的時間比預期早,當中沒有規定平臺公司和外包公司之間的社會保障金具體分攤,認爲更多的細節可能會在以後出現。對該行覆蓋的受影響公司包括美團(03690.HK)、阿裏(09988.HK)旗下餓了麼和Dada。至於擁有靈活就業模式員工的直播公司亦受影響,包括陌陌(MOMO.US)、騰訊音樂(TME.US)等。
花旗指,仍在評估意見對美團食品配送業務的騎手成本和利潤的潛在影響,確實看到有利潤增長放緩的風險,以及影響短期利潤率改善趨勢,預計美團將需要以更有效的營運和技術進步來抵銷增加的成本。
花旗指,由於對互聯網和科技行業的監管收緊,出現了一系列大規模拋售,預計未來幾周可能會有更多的新準則出臺,認爲互聯網巨頭應該宣佈新的股票回購計劃或增加現有的回購計劃的規模,以顯示管理層對公司基本面的信心,並提振投資者的情緒。
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