摩通:維持美團(3690.HK)增持評級 目標價300港元
摩根大通發表研究報吿指,早前與美團(3690.HK)資本市場部主管進行會議,她指出,社會保障成本是可控制的,在其1P運營模式下,只有部分全職騎手有權獲得就業社會保障福利,目前約三分之二的訂單來自1P業務,其中約35%由專職騎手完成,因此總體而言大約20%的外賣量可能需要繳納社會保障費用,料每訂單的財務成本約為0.5元人民幣,甚至更低。該行維持其“增持”評級,目標價300港元。
摩通指,在最壞的情況下,如果社保成本高於預期,公司將與交付合作夥伴分攤,並最終將部分轉嫁給終端客户。摩通又指,美團料未來5年的營運利潤複合年增長率可達25%,目標2025年每張訂單營運利潤可達1元人民幣,公司對長遠目標有信心。
至於反壟斷方面,摩通指,管理層預期調查將於未來1-2個月完成並公佈罰款,料罰款將如早前阿里巴巴(9988.HK)的案件相若,認為不會對營運及變現造成明顯影響。

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.