《大行報告》大摩:美團(03690.HK)反壟斷罰款較預期少 維持「增持」看320元
摩根士丹利發表報告,指市監局就美團(03690.HK)「二選一」壟斷行爲罰款34.4億元人民幣(下同),今次處罰決定應該會解除對美團的重大不確定性,因美團一直被認爲是繼阿裏巴巴(09988.HK)之後反壟斷風險最高的公司,所以維持「增持」評級,目標價320元。
大摩指,罰款金額佔美團在今年4月融資100億美元後的現金儲備的3%左右,或目前市值約0.3%,金額亦低於對阿裏巴巴的28億美元反壟斷罰款,佔其2019年國內銷售額的4%,而美團爲3%。同時也低於《華爾街日報》討論的10億美元。
另外,大摩指出,自4月以來,已對其送餐服務單位經濟效益(UE)短期估算更趨審慎,從每單0.6元人民幣降至2021年的0.4元人民幣。
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