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《大行報告》摩通:美團(03690.HK)短期沽壓或持續 投資者應開始藉疲弱吸納
阿思達克 07-28 09:50
摩根大通發表的研究報告指,內地七部門近日刊髮針對外賣平臺騎手保障的聯合意見基本上與南京早前的監管發展一致,認爲相關意見將影響投資者情緒及觸發短期沽壓,而在現時的整體行業投資氣氛亦較脆弱。該行相信美團(03690.HK)2025年送餐業務盈利目標仍可輕易達到並有潛在上行,估計將爲估值帶來支持,而沽壓短期仍會持續,認爲投資者在股份弱勢時可開始收集股份,目標價400元,評級「增持」。

該行認爲新的意見有正面發展,相信官方認同外賣平臺與騎手間較靈活的工作關係,同時亦鼓勵平臺助騎手獲合適的社會保障,而非強制平臺採納現有的社保系統,之前投資者憂慮倘美團要爲騎手採納現有社保,將影響到其送餐業務經營效益。該行認爲現時意見的大部分要求之前亦有政府機關提及過,所以不認爲令市場驚訝,相信未來數月美團的騎手支付架構不會有大轉變,因爲公司及監管機構在執行細節上仍需更多討論。

該行認爲唯一對公司有即時財務影響的主要是勞工保險方面,該行估計每名騎手、每張訂單成本將增0.05元人民幣,以總訂單數目計則增0.03元人民幣,不過該行不認爲會爲其2021年送餐業務盈測帶來風險,惟摩通料下半年社區團購業務增長將面對下行風險。

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