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《大行報告》野村上調美團(03690.HK)目標價至354元 評級「買入」
阿思達克 10-25 10:19
野村發表研究報告,預期第三季美團(03690.HK)總收入按年升37%至485億元人民幣,大致與其他券商預期相若,而綜合non-GAAP經營虧損預料為64億元人民幣,相當於每股虧損1.08元人民幣。第三季亦計入反壟斷罰款入賬34億元人民幣,但相信不影響其non-GAAP盈利。 該行預期,食品外送和到店業務表現符預期,料第三季收入按年分別增長28%及32%;預料公司繼續投資新業務,料美團優選在季內產生虧損72億元人民幣(次季虧損68億元人民幣),而所有新業務合計總虧損料為106億元人民幣,新業務總收入則按年升65%至136億元人民幣。 該行調低今明年收入預測3-4%,以反映其他新業務較低收入,邊際利潤預測則大致不變。維持「買入」評級,目標價由285元升至354元,以反映對食品外送業務的估值提升。
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