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野村:維持美團(3690.HK)買入評級 目標價336港元
格隆匯 11-29 12:38

野村發表研究報吿指,美團(3690.HK)受惠於餐飲外賣及到店業務的穩健表現,第三季的業績勝於預期,雖然集團憂慮其餐飲外賣和到店業務在第四季和明年首季或會短暫放緩,惟該行並不擔心,又認為疫情和宏觀放緩都不會對行業格局產生任何長期影響。該行將集團目標價由354港元下調至336港元,維持“買入”評級。

野村預期,集團第四季餐飲外賣收入按年增長20%,較第三季的28%增長有所放緩,主要是受訂單量按年增長17%及票務規模按年增長2%所推動。該行又預計集團的餐飲外賣業務營運利潤率將在第四季按年增長1.8個百分點至5.9%。至於到店業務則預計於第四季收入按年增長24%,而其營運利潤率或按年增長0.6個百分點至40%。該行又預計餐飲外賣業務的營運利潤增長將在2022財年放緩至12%,並在2023財年反彈至69%。

該行將2021及22財年的收入預測分別下調1%及2%,並分別下調其非通用會計準則淨利潤率0.3個百分點及1.2個百分點,以反映餐飲外賣、到店內收入及共享服務中心的收入增長暫時放緩。

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