交銀國際:美團(3690.HK)估值吸引 維持其“買入”評級 目標價323港元
交銀國際發表研究報吿指,維持美團(3690.HK)“買入”評級,目標價323港元,認為其估值吸引。上週市場監管總局宣佈對美團外賣平台的“二選一”不正當競爭進行處罰,向商家全額退還獨家合作保證金12.89億人民幣,並處以34.42億元人民幣罰款。該行指,反壟斷處罰落地,後續重點關注《行政指導書》提及的對中小餐飲商家的經營支持,對配送員的收入保障及消費者個人信息及隱私保護。美團本次處罰按公司境內收入的3%,分別對應2019及20年外賣平台交易規模的0.9%及0.7%,低於預期。
交銀國際預計,該罰金將在第三季度體現,佔淨現金約3%,預計運營虧損將增至112億元人民幣,淨虧損113億元人民幣,調整後淨虧損65億元人民幣。該行又料,美團第三季度外賣日單同比增長或好於預期,但補貼加大,變現率環比持平。

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