《大行報告》花旗上調美團(03690.HK)目標價至364元 評級「買入」
花旗發表的研究報告指,美團(03690.HK)次季受惠季節性利好及經營效益改善,公司第二季業績表現穩健,期內三個業務收入及盈利表現均跑贏預期,不過疫情個案重現及水災影響,美團指引第三季到店、酒店業務及外賣快遞訂單量將受負面影響,管理層亦指出監管憂慮有限,相信公司在更健康、可持續及有序經營環境下長遠將更好。考慮到監管新規及時間表仍存在不確定性,管理層指將加強騎手福利等,相信成本影響可控,該行將公司目標價由357元升至364元,評級維持「買入」。
該行將公司2021-23年整體收入降2.1%、2.2%及3.9%,現時估算2021-23年按非通用會計準則的淨虧損將分別為166億元、129億元及7.14億元人民幣(下同),估計外賣快遞的單位經濟將逐步向好。
而在監管挑戰下,公司已加大力度禁止任何餐廳獨家協議,並調整美團優選售價,同時積極推動保險覆蓋,確保快遞行業可持續性。另外在到店業務方面,部分城市於第三季再度出現確診個案,管理層指出7月及8月份餐廳收入顯著下跌,而酒店業務亦受較大的負面影響,跌至低於2019年水平,管理層估計負面影響短暫,預運今年稍後時間將現復甦,並預期未來五年到店分部收入增長將逾25%,同時有健康的利潤。(el/a) ~
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